Consumer Financial Protection Bureau


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Consumer Financial Protection Bureau

(CFPB), officially the Bureau of Consumer Financial Protection, 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.
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References in periodicals archive ?
(5.) Consumer Financial Protection Bureau Considers Proposal to Overhaul Debt Collection Market, CONSUMER FIN.
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Special sections focus on key DFA issues, such as interchange, deposit insurance and the Consumer Financial Protection Bureau. Users are given the option to have new content delivered directly to them via RSS feed or e-mail as soon as it is posted to the Tracker.
The provisions relating to swipe-fee reform and Regulatory Flexibility Analyses and the Small Business Advocacy Review Panel for the Consumer Financial Protection Bureau in the Wall Street Reform and Consumer Protection Act were well-chronicled small-business victories.
The bill will also allow for the creation of a consumer financial protection bureau. They were prompted by the recent financial crisis which still looms over nervous global markets.
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The Consumer Financial Protection Bureau (CFPB) has announced a plan to review the Federal Reserve's overdraft protection rule.
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