Consumer protection agency takes first steps to reform payday loan market.
Recent agency study reveals most consumers re-borrow within two weeks of their first payday loan.
Consumer Financial Protection Bureau seek to assert rulemaking powers to oversee debt collectors.
Agency offers institutions guidance on financial regulation compliance.
Proposed rule to protect nearly 50 million Americans with student loan debt.
To increase transparency, Bureau releases 90,000 consumer financial complaints
The agency will focus on promoting fairness for both consumers and law-abiding debt collectors.