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CFPB
(Consumer Financial Protection Bureau)
The CFPB is a U.S. government agency created after the 2008 financial crisis to protect consumers in the financial sector. Since 2011, it has returned $17 billion to wronged consumers through enforcement actions against predatory lenders, banks, and credit bureaus.
The CFPB supervises banks with over $10 billion in assets and non-bank financial companies (payday lenders, mortgage servicers). It handles consumer complaints (400,000 annually), creates regulations (like the Qualified Mortgage rule), and enforces laws against unfair practices. Recent focus areas include medical debt reporting, overdraft fees, and algorithmic bias in lending. The agency faces political scrutiny but maintains bipartisan support for core consumer protection functions.
The CFPB supervises banks with over $10 billion in assets and non-bank financial companies (payday lenders, mortgage servicers). It handles consumer complaints (400,000 annually), creates regulations (like the Qualified Mortgage rule), and enforces laws against unfair practices. Recent focus areas include medical debt reporting, overdraft fees, and algorithmic bias in lending. The agency faces political scrutiny but maintains bipartisan support for core consumer protection functions.