{"id":352566,"date":"2016-04-04T10:42:05","date_gmt":"2016-04-04T15:42:05","guid":{"rendered":"https:\/\/ability-fl-prod.internetbrands.com\/ability-law\/consumer\/credit-banking-finance\/what-is-the-consumer-financial-protection-bureau.html"},"modified":"2024-01-30T16:06:08","modified_gmt":"2024-01-30T21:06:08","slug":"what-is-the-consumer-financial-protection-bureau","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/consumer\/credit-banking-finance\/what-is-the-consumer-financial-protection-bureau.html","title":{"rendered":"What Is the Consumer Financial Protection Bureau?"},"content":{"rendered":"\n
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What Is the Consumer Financial Protection Bureau?<\/h1>\n
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\n By Olivia Wathne, J.D.<\/a> | Legally reviewed by Melissa Bender, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

The 2008 financial crisis was the catalyst for creating the U.S. Consumer Financial Protection Bureau<\/a> (CFPB). The Dodd-Frank Wall Street Reform and Consumer Protection Act<\/a> created the CFPB. It began operation in 2011.<\/p>\r\n

The CFPB aims to make markets for consumer financial products and services work for Americans. This includes applying for a mortgage<\/a>, choosing a credit card<\/a>, or using other consumer financial products.<\/p>\r\n

The CFPB is a federal regulator funded by the Federal Reserve<\/a>. It drafts and enforces regulations for banks, credit unions, mortgage lenders, and other financial services companies.<\/p>\r\n

Functions and Responsibilities of the CFPB<\/h2>\r\n

The CFPB protects consumers from deceitful practices of lenders and various financial institutions. It takes on roles that the Federal Trade Commission and other government agencies once handled. This includes overseeing financial institutions and lenders to ensure they follow federal regulations.<\/p>\r\n

The CFPB performs the following functions:<\/p>\r\n