Consumer Financial Protection Act Fundamentals

Summary

This practice note provides an overview of the consumer financial protection laws and regulations implemented in connection with Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), known also as the Consumer Financial Protection Act of 2010 (CFPA). The CFPA, among other things, created the Bureau of Consumer Financial Protection, which is commonly known as the Consumer Financial Protection Bureau (CFPB). The CFPB is an independent bureau within the Board of Governors of the Federal Reserve System charged with the enforcement of federal consumer protection laws and regulations in connection with consumer financial products or services.