The Consumer Financial Protection Bureau was established in 2011 in the aftermath of Wall Street scandals to increase transparency in consumer financial products and services.
What is Consumer Financial Protection Bureau ?
- This agency develops and enforces financial institution rules, examines both bank and non-bank financial institutions, inspects and reports on markets, and collects and tracks consumer complaints.
- Consumers can get help from the Consumer Financial Protection Bureau by reading educational materials and filing complaints. It is in charge of supervising banks, lenders, and large non-bank entities such as credit reporting agencies and debt collection firms.
- Over the next five years, the Consumer Financial Protection Bureau will focus on promoting equitable wealth creation, with a particular emphasis on minority and underserved communities, in housing and small business markets. Markets for consumer financial products and services that are fair, transparent, and competitive.
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