FEDERAL CONSUMER
FINANCIAL PROTECTION
The Consumer Financial Protection Act, the Consumer Financial Protection
Bureau, and the Effects of Federal Regulatory Oversight
The Consumer Financial Protection Act of 2010, also known as Dodd-Frank Title X,
established an independent agency within the Board of Governors of the Federal Reserve
System known as the Consumer Financial Protection Bureau (CFPB). The purpose of this act is
to ensure that, through consistent enforcement of federal consumer financial laws, consumer
financial product markets are accessible to consumers and that the markets remain fair,
transparent, and competitive. Essentially, this act aims to consolidate accountability for
enforcing these from being spread over multiple agencies to being under the watch of one
bureau. At the heart of this restructuring is the need for consumers to have equal access to
financial products, specifically mortgage and credit card products, without the barrier of being
unfairly deceived or discriminated against. According to consumerfinance.gov, the bureau’s
central mission is to “make markets for consumer financial products and services work for
