Consumer Financial Protection Bureau: Role, Objectives, Enforcement, Future, Slides of Civil Law

The consumer financial protection bureau (cfpb) is an independent agency created by congress under the dodd-frank wall street reform and consumer protection act. It has broad authority to implement and enforce federal consumer financial laws, restrict unfair, deceptive, or abusive acts or practices, take consumer complaints, promote financial education, and monitor financial markets for new risks to consumers. The cfpb enforces various financial laws and ftc rules, and is subject to coordination with the ftc through a memorandum of understanding. The cfpb has taken several actions thus far, including the 'know before you owe' project, investigations, and collaborations with state attorney generals, and banning mortgage fees. Remedies available to the cfpb include rescission/reformation, refund/return, restitution, disgorgement/compensation, payment of damages, public notification, and civil monetary penalties. Future predictions suggest high-profile targets and broad enforcement.