Formed under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, a comprehensive federal statute enacted in response to the financial crisis of 2008, the Consumer Financial Protection Bureau (CFPB) has been a lightning rod for controversy and political debate.1
While the CFPB is technically a part of the Federal Reserve System, it is treated as a completely independent federal agency.2 Widely regarded as a “consumer watchdog” group, the primary objective of the CFPB is to enforce federal consumer financial laws and supervise banks, credit unions, and other financial institutions as well as debt collectors and consumer reporting agencies deemed to be “larger market participants” by the agency’s standards.3 The bureau’s broad influence extends from credit cards to mortgages and student loans, as well as a number of other consumer financial products.
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