Consumer Financial Protection Bureau

The Wall Street Reform and Consumer Protection Act of 2010 was signed into law in July 2010 authorizing the creation of a new Consumer Financial Protection Bureau (CFPB) to safeguard consumer interests in many financial markets. The new bureau is located inside the Federal Reserve but has independence from the normal Fed decision-making processes in setting rules and bringing enforcement actions. The new bureau focuses primarily on issues affecting consumer borrowing through mortgages, bank loans, credit cards, and payday lending, as well as on payment services, debt collection techniques, and some forms of savings. The bureau is not authorized to address issues involving auto lending, securities investments, pensions, and other employee fringe benefits or insurance, although it has broad latitude to undertake research related to ...