The credit reporting industry is one that has remained largely unregulated by the federal government, but that will soon change thanks to a new initiative from the Consumer Financial Protection Bureau, the agency recently announced. In the past, only federal law enforcement agencies had oversight of credit reporting companies, which are privately owned, and there was no single entity in charge of writing rules for the industry.

Everything from credit cards and mortgages to student and auto financing now fall under the purview of the federal Consumer Financial Protection Bureau, and the agency is committed to continuing to increase protections for borrowers over the course of time, according to a report from USA Today. The CFPB's efforts have led to a number of appreciable and tangible benefits for consumers.

The federal Consumer Financial Protection Bureau has rolled out a number of significant rules for the lending industry, as well as some for businesses associated with it, but one of its top officials recently said that the ability for Americans to better understand their credit card agreements remains one of its foremost priorities, according to a report from Dow Jones Newswires.

Earlier this week, the federal consumer financial protection bureau announced that it would seek public comment on its proposed rule to limit all fees associated with a credit card account to be no more than a combined 25 percent of an account's initial credit limit, according to a report from the Associated Press. Currently, these caps apply only to fees charged in the first year the account exists, and one way in which some lenders are skirting the rules is by charging a "processing fee" before the account is open.