The CFPB has recently unveiled its new website. The agency is inviting the public to help the CFPB implementation team understand what consumers and financial services providers need by making suggestions through the "Open for Suggestions" application on the site.

According to the website, the agency's central mission "is to make markets for consumer financial products and services work for Americans—whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products."

Many of the pieces of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) that established the CFPB will go into effect on July 21.