Consumers Union, the nonprofit publisher of Consumer Reports, has long lobbied for the CFPA's creation and was instrumental in preventing a last-minute amendment that would have stripped away some of the most pro-consumer measures.

But since the bill must still pass the Senate, which looks less favorably upon regulation than the more populist House, you can expect efforts to water it down."It was rough [to get the bill approved] on the House side and it will be equally rough, if not more so, on the Senate side," says Pam Banks, policy counsel for Consumers Union. "Lots of industries will be looking for exemptions." To keep up with the measure's progress, check back here or visit our Advocacy website at DefendYourDollars.org.

Here are some of the other consumer-friendly provisions that the House version of the bill includes:

• The bill would require fuller disclosure about financial products, including private student loans. Home buyers would need to show an ability to meet mortgage payments and the home appraisal industry would be scrutinized.
• "Too big to fail" financial institutions would be required to pay into a fund, so that if one fails, taxpayers wouldn't be socked for the bailout money, as they were following last year's financial collapse. Risky banks could be broken up, or forced to hold more capital. 
• The law would set up regulation of derivatives that should help curb commodity speculation.
• It would beef up investor protection by forcing brokers to put the financial needs of their clients ahead of those of the brokerage house.
• Finally, it would establish oversight of the big bond-rating agencies, like Standard & Poor's and Moody's, and would make it possible to sue the agencies if they behave negligently.

On the flip side, the bill lacks certain provisions that had been proposed to offer additional protection for consumers. Among the features that are known to be missing:

• Mortgage cramdowns. This would have allowed a bankruptcy judge to restructure the terms of a mortgage during bankruptcy to allow a family to stay in its home.
• Bank exemptions. Small banks and Credit Unions would remain exempt from direct federal regulation. They'd continue to be regulated within the industry, unless the regulator falls down on the job, at which time the federal government could step in.
• The auto loan "hole." Car dealers who arrange financing or resell auto loans (that is, all dealers except those rare ones who lend you money directly), would remain exempt from federal regulation.

—Chris Fichera