What is the Consumer Financial Protection Bureau (CFPB)?
The Consumer Financial Protection Bureau (CFPB) https://www.consumerfinance.gov/ implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. It creates clear rules to implement the law and preserve choices for consumers.
The Bureau identifies its role in the following ways:
We aim to make consumer financial markets work for consumers, responsible providers, and the economy as a whole. We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information, steps, and tools that they need to make smart financial decisions.
In a market that works, the prices, risks, and terms of the deal are clear upfront so that consumers can understand their options and comparison shop. Companies all play by the same consumer protection rules and compete fairly in providing quality and service.
The CFPB was created to provide a single point of accountability for enforcing federal consumer financial laws and protecting consumers in the financial marketplace. Before, that responsibility was divided among several agencies.
The work of the CFPB includes, but is not limited to: rooting out unfair, deceptive, or abusive acts or practices by writing rules, supervising companies and enforcing the law; enforcing laws that outlaw discrimination in consumer finance; and monitoring financial markets for new risks to consumers. The Bureau provides a range of consumer resources, publishing research and information collected about the consumer financial marketplace.