Definition
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. Established by the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, the CFPB's mission is to ensure that financial products and services, such as mortgages, credit cards, and student loans, are fair, transparent, and competitive. The agency writes and enforces rules for financial institutions, examines bank operations, monitors financial markets for new risks to consumers, and takes action against companies that violate consumer protection laws. The CFPB also provides consumers with educational resources and tools, and accepts consumer complaints about financial products and services.
Frequently Asked Questions
What does the CFPB do?
The CFPB works to protect consumers in the financial marketplace by writing rules, supervising financial companies, enforcing consumer financial laws, analyzing data to understand consumer trends, and educating consumers about their financial rights and options.
How can I file a complaint with the CFPB?
You can submit a complaint through the CFPB's website (consumerfinance.gov) or by phone. They accept complaints about a wide range of financial products and services, including credit reports, mortgages, credit cards, bank accounts, debt collection, and more.
Is the CFPB part of the Federal Reserve?
The CFPB is an independent bureau housed within the Federal Reserve System, but it operates independently with its own director and budget.
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