The Consumer Financial Protection Bureau was established in July 2011, with the mission of making “markets for consumer financial products and services work for Americans.” Over the last two years, it has been actively engaged in carrying out this mission using the arsenal of implements in its proverbial “tool belt.” From rulemaking and supervision to high-profile enforcement actions,the CFPB has been grabbing headlines as it has charted a new course in consumer protection.
The CFPB’s investigatory power has been a subject of significant interest, but in many ways remains shrouded in mystery. The Bureau has broad power to commence investigations into potential violations of federal consumer protection laws under its jurisdiction and, in its short life, has used this power to initiate investigations of numerous banks and nonbanks.
Originally Published in Law360, New York - July 11, 2013.
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