Consumer Financial Protection Bureau
Congress created the CFPB after the 2009 financial crisis to regulate mortgages, student loans, credit cards, and other financial products and services used by consumers.
The Consumer Financial Protection Bureau (CFPB) began operation in July 2011. Congress created the CFPB after the 2009 financial crisis to regulate mortgages, student loans, credit cards, and other financial products and services used by consumers. Among its core functions, the CFPB restricts unfair, deceptive, and abusive acts and practices, as well as takes consumer complaints regarding mortgages, credit cards, banking issues, and personal loans.
Through the Office of Administrative Adjudication (OAA), an independent judicial office within the CFPB, Administrative Law Judges hold hearings and decide on formal charges and actions initiated by the CFPB. When the OAA finds that financial products and services organizations have violated federal law, it can impose civil monetary penalties against them.
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