CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
This is a 21st Century Agency which is focused on bringing financial decision-making tools and information to consumers through an accessible online format.
WHY THE CFPB?
Before CFPB was established, seven different Federal agencies were responsible for various aspects of consumer financial protection. Rulemaking, supervision, and enforcement authorities were divided across these agencies. No single agency had effective tools to set the rules or oversee the whole market.
WHAT IS THE CFPB?
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”) created the CFPB on the premise that a focused, accountable agency should be responsible for consumer financial protection. Congress vested the CFPB with authority under more than a dozen consumer protection laws to write rules, supervise financial services companies, and enforce the law. The CFPB is the nation’s first Federal agency focused solely on consumer financial protection. It started operating in July 2011.