The Consumer Financial Protection Bureau (CFPB) was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The CFPB began operating on July 21, 2011.
How was the CFPB created?
- Legislative response: The Dodd-Frank Act was a legislative response to the financial crisis of 2007–08 and the Great Recession.
- Proposed by Elizabeth Warren: Elizabeth Warren, a law professor at the time, proposed the CFPB in 2007.
- Consolidated responsibilities: The CFPB consolidated many consumer financial protection responsibilities into one agency.
- The CFPB's purpose is to:
- Implement and enforce federal consumer financial laws
- Promote fairness and transparency in consumer financial products and services
- Encourage the fair and competitive operation of consumer financial markets
- Collect, investigate, and respond to consumer complaints
- The CFPB's purpose is to:
