Consumer Financial Protection Bureau (CFPB)

The CFPB was created by the Dodd-Frank Act of 2010, in response to the 2008 financial crisis, and began operating in 2011. Before its creation, consumer protection responsibilities were spread across several agencies.

The CFPB oversees products and services such as mortgages, credit cards, student loans, auto loans, payday loans, bank accounts, debt collection and credit reporting. It writes rules, supervises banks and other firms, enforces consumer financial laws, handles consumer complaints and provides financial education.

For example, the CFPB enforces rules requiring mortgage lenders to assess borrowers’ ability to repay and requiring clear disclosure of loan terms. It has taken action against firms for unfair, deceptive or abusive practices, sometimes returning money to consumers.

The CFPB is funded through the Federal Reserve rather than annual appropriations from Congress, a structure that has been challenged in court; the Supreme Court upheld it in 2024. The agency has been politically controversial, and its activities, staffing and priorities have changed significantly under different administrations.