What is Consumer Financial Protection Bureau and What Are Its Functions

What is Consumer Financial Protection Bureau and What Are It's Function

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The Consumer Financial Protection Bureau (CFPB) is a U.S. government agency that was established in 2011. The main goal of the CFPB is to protect consumers from unfair, deceptive, or abusive practices in the financial market.

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The CFPB oversees a wide range of financial products and services, including credit cards, mortgages, student loans, and payday loans.

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The CFPB has the authority to enforce federal consumer financial laws and to write new rules and regulations to protect consumers.

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The CFPB operates as an independent agency, with a single director appointed by the President of the United States. The CFPB has a robust complaint system, where consumers can file complaints about financial products and services.

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The CFPB works closely with other federal and state agencies, as well as private organizations, to enforce consumer protection laws.

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The CFPB also conducts research to better understand consumer financial issues and provides consumers with educational resources to make informed financial decisions.

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The CFPB has the power to fine companies for violating consumer protection laws and to take legal action against companies that engage in harmful practices.

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The CFPB also supervises non-bank financial companies, including debt collectors, credit reporting agencies, and payday lenders, to ensure they are following consumer protection laws.

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