Consumer Financial Protection Bureau

Created by the Dodd-Frank Act, the consumer financial protection bureau is intended to consolidate the oversight of the financial industry. It is an independent bureau within the Federal Reserve and when it was created CFPB took rule-making authority over FCRA and GLBA regulations from the FTC and Financial Industry Regulators. Its enforcement powers include authority to take action against “abusive acts and practices” as specified by the Dodd-Frank Act.

Acronym: CFPB

Associated law(s):Dodd-Frank Act, Gramm-Leach-Bliley Act, Fair Credit Reporting Act, Federal Trade Commission

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