Consumer Financial Protection Bureau (CFPB)

The Consumer Financial Protection Bureau (CFPB) is a regulatory agency established under the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. Its primary mission is to protect consumers in the financial marketplace by creating and enforcing regulations that promote fairness, transparency, and accountability in financial products and services.

The CFPB’s responsibilities include regulating and supervising financial institutions, such as banks, credit unions, and payday loan providers, to ensure they follow federal consumer financial laws. The bureau also conducts investigations and takes legal actions against companies engaged in unfair, deceptive, or abusive practices. In addition, the CFPB educates consumers about their rights and responsibilities, provides financial tools and resources, and handles consumer complaints to address issues and promote consumer financial well-being. By promoting fair and transparent practices, the CFPB aims to foster a more equitable and informed financial marketplace for consumers.