Consumer Financial Protection Bureau - At A Glance

A new federal watchdog will soon be charged with policing credit cards, mortgages and other financial products.

The Consumer Financial Protection Bureau won't officially start exercising its rule-making power until July 21, but officials are already working to get the agency up and running. In addition to its broader policing responsibilities, the agency will have offices dedicated to improving financial literacy and protecting military service members and senior citizens from predatory products. It will also establish a toll-free hotline and website to field consumer complaints and questions.

There are blind spots for the agency's oversight, however. Auto dealers, for example, will be exempt from the agency's authority even though they provide the vast majority of financing for car buyers.

Here's a look at what products and services will be governed by the CFPB, and those that will fall outside of its jurisdiction.

What's Covered:

-Credit cards

-Credit counseling

-Credit reporting bureaus

-Debt collectors

-Deposit accounts

-Mortgages

-Payday loans

-Prepaid cards (except those issued by the government for benefits)

-Wire transfers

What's Exempt :

-Accountants

-Auto dealers

-Lawyers

-Real estate brokers

-Retailers

-Tax preparers