CFPB

The Consumer Financial Protection Bureau – The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. CFPB’s jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, and other financial companies operating in the United States. Since its founding, the CFPB has “engaged the 21st century” by using technology tools to monitor how financial entities used social media and algorithms to target consumers.

In advancing its core consumer finance mission through enforcement and rulemaking, the CFPB has engaged with the data economy in a number of ways.

The CFPB’s creation was authorized by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession. The CFPB’s status as an independent agency has been subject to many challenges in court. In June 2020, the United States Supreme Court found the single-director structure removable only with-cause unconstitutional but allowed the agency to remain in operation.

Scammers now posing as the CFPB

CFPB moves to prohibit check by phone fees

Senate Bill introduced to rein in CFPB overreach

CFPB and DOJ issue joint letter on SCRA

CFPB nails Hyundai for $19M in credit reporting errors

CFPB studies subprime auto loan defaults by lender types

CFPB report finds credit card trends returning to pre-pandemic levels

CFPB issues Reg F debt collection rule FAQs

Rohit Chopra confirmed by Senate to head the CFPB

CFPB reports consumer complaints vary by racial demographics

CFPB sues LendUp Loans for $3.6M for deceiving borrowers

CFPB Prioritized Assessment Targets Auto Loan Servicing