Consumer Financial Protection Act

The Consumer Financial Protection Bureau (CFPB) works alongside the FTC to regulate deceptive practices in financial services, focusing on fraud and lending. Established in response to the 2007-2008 economic slowdown, the CFPB oversees both non-depository and large depository institutions. It comprises four main offices targeting fair lending, financial education, service members, and older Americans. The CFPB has authority similar to the FCC, enabling it to enforce consumer protection rules and allow state-level regulation, provided it aligns with federal law.

How does the CFPB's authority compare to that of the FCC?

What is the significance of the CFPB allowing for state-level regulation of financial institutions?