Bureau of Consumer Financial Protection

Abstract

Under Dodd-Frank’s Title X, the Consumer Financial Protection Act of 2010 (CFPA), Congress established an independent Bureau of Consumer Financial Protection in the Federal Reserve System (originally branded the “CFPB” or “Consumer Financial Protection Bureau” and subsequently dubbed the “BCFP” or “Bureau of Consumer Financial Protection” in accord with its legislated name. The BCFP is tasked with protecting consumer interests in financial markets. Specifically, the Bureau aims to ensure that all customers have access to markets for consumer financial products and services in a fair, transparent, and competitive way. The CFPA authorizes the Bureau to uniformly regulate, supervise, and enforce the provisions of consumer financial products or services under federal consumer financial law. This chapter discusses the structure of the CFPA, roles and function of the BCFP, significant changes in financial consumer protection by the BCFP, judicial review of BCFP’s power, and the BCFP under President Trump's administration.