Compliancex

The Consumer Finance Protection Bureau (CFPB) is a federal agency dedicated to consumer protection and awareness. Created in 2010, this fairly young federal agency is on its way to becoming a big player in the financial market. Here is a short introduction to the CFPB:

Creation

The bureau was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act — legislation geared toward financial industry reform. According to the CFPB website, the agency was created in part due to irresponsible credit industry practices and “widespread failures in consumer protection.” The CFPB was created to prevent future gaps in consumer protection, regulating large-scale financial industries and ensuring that borrowers benefit from clear-cut loan terms.

Function

The CFPB is a regulatory agency, akin to the Securities and Exchange Commission.

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FOX Business, March 21, 2012