The Consumer Financial Protection Bureau (CFPB) is an independent Federal bureau operating within the Federal Reserve System. Its primary purpose is to implement, and where applicable, enforce consumer financial law to ensure that markets for consumer financial products and services are fair, transparent, and competitive. In its role, the CFPB will interpret, implement and enforce Federal consumer financial laws, monitor the financial marketplace and review business practices to ensure that financial services providers are following the law.
The CFPB also has rule-making authority over certain Federal laws with privacy implications and/or consumer protection regulations, such as the Fair Credit Reporting Act (FCRA), the Equal Credit Opportunity Act (ECOA), the Real Estate Settlement Procedures Act (RESPA), the Fair Debt Collection Practices Act (FDCPA), the Home Mortgage Disclosure Act (HMDA), the Truth in Lending Act (TILA), the financial privacy sections of the Gramm-Leach-Bliley Act (GLB), to name a few. The CFPB also has enforcement authority or shares enforcement authority over a host of financial industries and Federal laws.
The CFPB will not have jurisdiction over businesses that use consumer reports in connection with non-credit or deposit related transactions such as landlords; insurance; accountants and tax preparers; licensed attorneys; merchants and retailers of non-financial products and services; auto dealers who sell, service and lease motor vehicles if the financing is provided by a third party; and businesses regulated by the SEC or a state securities commission; among others.
Visit the Consumer Financial Protection Bureau at http://www.consumerfinance.gov/.