Monday, July 30, 2012
A Brief Overview of Actions Taken by the Consumer Financial Protection Bureau (CFPB) in Its First Year
Sean M. Hoskins
Analyst in Financial Economics
The Consumer Financial Protection Bureau (CFPB), which formally started operating on July 21, 2011,1 was established by Title X of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act (P.L. 111-203; the Dodd-Frank Act). The creation of the CFPB consolidates many consumer financial protection responsibilities into one agency.2 The Dodd-Frank Act states that the purpose of the CFPB is to implement and enforce federal consumer financial laws while ensuring that consumers can access financial products and services.3 The CFPB is also instructed to ensure that the markets for consumer financial services and products are fair, transparent, and competitive.4 To fulfill its mandate, the CFPB can issue rules, examine certain institutions, and enforce consumer protection laws and regulations.
Date of Report: July 18, 2012
Number of Pages: 6
Order Number: R42615
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Posted by Penny Hill Press, Inc. at 8:51 AM