Federal oversight of the CFPB

The Consumer Financial Protection Bureau is a U.S. government agency within the Federal Reserve System that empowers consumers with the information they need to make financial decisions in the best interests of the consumers and their families. The CFPB was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

The purpose of the CFPB is to promote fairness and transparency for mortgages, credit cards, and other consumer financial products and services. The CFPB will set and enforce clear, consistent rules that allow banks and other consumer financial services providers to compete on a level playing field and that let consumers see clearly the costs and features of products and services.