Consumer Financial Protection Bureau


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Consumer Financial Protection Bureau

(CFPB), independent U.S. government agency responsible for most of the federal oversight and enforcement of consumer protections relating to financial institutions and businesses, established 2011. Charged with ending unfair, abusive, or deceptive practices and promoting effective and transparent competition in consumer financial products and services, the CFPB inherited authority and responsibilities previously exercised by a wide range of other federal bodies and is the first federal agency to have consumer financial protection as its primary focus. It also is the first federal agency to supervise financial institutions known as nonbanks, such as payday lenders, debt collectors, credit reporting agencies, and private student lenders. Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act (2010), which was enacted in the aftermath of the severe financial crisis that began in 2007, the CFPB is funded primarily by transfers from the Board of Governors of the Federal Reserve System.
References in periodicals archive ?
In an effort to reduce mortgage delinquencies and foreclosures, the Consumer Financial Protection Bureau introduced a new ser of rules outlining how mortgage lenders are required to make sure borrowers are able to make their monthly payments.
The president will also re-nominate Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB).
Obama also highlighted a new way for consumers to contest their credit score with the help of a new consumer watchdog group, Consumer Financial Protection Bureau.
In his internet and radio address yesterday, Obama drew attention to the Consumer Financial Protection Bureau, noting that it and other regulators recently cracked down on three credit card companies, ordering them to pay $400 million to people who were misled into making purchases they didn't want.
The Consumer Financial Protection Bureau (CFPB) says in its suit that the Gordon Law Firm, led by Chance Gordon, promised distressed homeowners that the firm would secure loan modifications for them.
The comments by Robert Byrd, senior director, communications at Assurant's specialty-property unit, follow an announcement by the federal Consumer Financial Protection Bureau that it is drafting new regulations governing the insurance product.
Three Harvard professors--Claudine Gartenberg, Dennis Campbell and Peter Tufano--explained to the Consumer Financial Protection Bureau that it would take a consumer with a credit card balance of $3,900 at 15.
Republicans are vowing to oppose Senate confirmation of Richard Cordray, President Obama's choice to lead the new Consumer Financial Protection Bureau.
In that time two new laws were passed that have a substantial impact on Advocacy's efforts: the Small Business Jobs Act which codified the requirement that agencies respond to Advocacy's concerns; and the Wall Street Reform and Consumer Protection Act which created the Consumer Financial Protection Bureau that will require Small Business Advocacy Review panels in coming years.
The newly created Consumer Financial Protection Bureau is pushing for $20 billion or more in penalties, a measure which is supported by the attorneys general and the Federal Deposit Insurance Corporation.
Special sections focus on key DFA issues, such as interchange, deposit insurance and the Consumer Financial Protection Bureau.
The bill will also allow for the creation of a consumer financial protection bureau.
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