What is Consumer Financial Protection Bureau and What Are It's Function
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.
The CFPB oversees a wide range of financial products and services, including credit cards, mortgages, student loans, and payday loans.
The CFPB has the authority to enforce federal consumer financial laws and to write new rules and regulations to protect consumers.
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.
The CFPB works closely with other federal and state agencies, as well as private organizations, to enforce consumer protection laws.
The CFPB also conducts research to better understand consumer financial issues and provides consumers with educational resources to make informed financial decisions.
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.
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.