Consumer Financial Protection Bureau
 |
|
| Agency overview | |
|---|---|
| Formed | July 21, 2011 (5 years, 220 days ago) |
| Jurisdiction | United States |
| Headquarters | Washington, D.C. |
| Employees | 1,623 (2016) |
| Annual budget | US$605.9 million (FY 2016) |
| Agency executives |
|
| Key document | |
| Website | www |
Meredith Fuchs
The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. CFPB jurisdiction 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.
The CFPB's creation was authorized by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession.
The CFPB was initially established as an independent agency but it effectively became an executive agency after a federal appeals court found that the President of the United States' power to remove the CFPB Director had been unconstitutionally limited.
According to Director Richard Cordray, the Bureau's priorities are mortgages, credit cards and student loans. It was designed to consolidate employees and responsibilities from a number of other federal regulatory bodies, including the Federal Reserve, the Federal Trade Commission, the Federal Deposit Insurance Corporation, the National Credit Union Administration and even the Department of Housing and Urban Development. The bureau is an independent unit located inside and funded by the United States Federal Reserve, with interim affiliation with the U.S. Treasury Department. It writes and enforces rules for financial institutions, examines both bank and non-bank financial institutions, monitors and reports on markets, as well as collects and tracks consumer complaints. Furthermore, as required under Dodd–Frank and outlined in the 2013 CFPB–State Supervisory Coordination Framework, the CFPB works closely with state regulators in coordinating supervision and enforcement activities.
...
Wikipedia