CFPB report entitled Building the CFPB: A Progress Report
One year ago, Congress passed and President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which created this new Consumer Financial Protection Bureau (the CFPB). This law establishes a single point of accountability to assure that markets for consumer financial products work for American consumers and for responsible providers of those products. On July 21, the CFPB starts this work, and it will be ‘a cop on the beat’ to enforce the laws on credit cards, mortgages, student loans, prepaid cards, and other kinds of financial products and services. The purpose of this report is to summarize the activities of the CFPB.