Consumer Financial Protection Bureau Launched


The Consumer Financial Protection Bureau (CFPB), created pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), is a federal government agency that is responsible for ensuring that consumers receive the necessary information to make informed financial decisions – whether applying for a mortgage, selecting a credit card, or using any other consumer financial product. The CFPB seeks to promote fairness and transparency so that prices and risks are disclosed up front, with no hidden costs or risks, thereby allowing consumers to make direct comparison among products without being subjected to unfair, deceptive or abusive practices.

Core functions of the Consumer Financial Protection Bureau

The CFPB strives to provide consumers with the information they need in order to understand the terms of their agreements with financial companies, such as credit card companies, banks and mortgagors. According to the CFPB website, among other things, the bureau seeks to...

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