Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB) is a U.S.-government regulatory agency that helps “consumer financial products and services work for Americans.” Its purview ranges from financial literacy education to financial regulation, which includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, and other financial companies operating in the United States.

Legislation for the creation of the CFPB was authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was the most important regulatory response in the United States to the financial crisis of 2007 to 2008. The CFPB was formally established when Dodd-Frank was enacted, on July 21, 2010. After a 1-year “stand-up” period, the CFPB obtained enforcement authority and began most of its activities ...