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Consumer Financial Protection Bureau: Difference between revisions
Consumer Financial Protection Bureau (view source)
Revision as of 22:58, 21 December 2024
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The '''Consumer Financial Protection Bureau''' ('''CFPB''') is an [[independent agency of the United States government]] responsible for [[consumer protection]] in the [[financial sector]]. CFPB's jurisdiction includes [[bank]]s, [[credit union]]s, securities firms, [[Payday loans in the United States|payday lenders]], mortgage-servicing operations, [[foreclosure]] relief services, [[debt collector]]s, for-profit colleges, and other financial companies operating in the United States. Since its founding, the CFPB has used technology tools to monitor how financial entities used social media and algorithms to target consumers.<ref name="Van Loo 531">{{Cite journal |last=Van Loo |first=Rory |date=2018-07-01 |title=Technology Regulation by Default: Platforms, Privacy, and the CFPB |url=https://scholarship.law.bu.edu/faculty_scholarship/355 |journal=Georgetown Law Technology Review |volume=2 |issue=2 |pages=531–532, 537}}</ref> | The '''Consumer Financial Protection Bureau''' ('''CFPB''') is an [[independent agency of the United States government]] responsible for [[consumer protection]] in the [[financial sector]]. CFPB's jurisdiction includes [[bank]]s, [[credit union]]s, securities firms, [[Payday loans in the United States|payday lenders]], mortgage-servicing operations, [[foreclosure]] relief services, [[debt collector]]s, for-profit colleges, and other financial companies operating in the United States. Since its founding, the CFPB has used technology tools to monitor how financial entities used social media and algorithms to target consumers.<ref name="Van Loo 531">{{Cite journal |last=Van Loo |first=Rory |date=2018-07-01 |title=Technology Regulation by Default: Platforms, Privacy, and the CFPB |url=https://scholarship.law.bu.edu/faculty_scholarship/355 |journal=Georgetown Law Technology Review |volume=2 |issue=2 |pages=531–532, 537}}</ref> | ||
The CFPB's creation was authorized by the [[Dodd–Frank Wall Street Reform and Consumer Protection Act]], whose passage in 2010 was a legislative response to the [[financial crisis of 2007–08]] and the subsequent [[Great Recession]]<ref name="WSOFP">{{cite web |author=Eaglesham, Jean |date=February 9, 2011 |title=Warning Shot On Financial Protection |url=https://www.wsj.com/articles/SB10001424052748703507804576130370862263258?mod=googlenews_wsj |access-date=February 10, 2011 |work= | The CFPB's creation was authorized by the [[Dodd–Frank Wall Street Reform and Consumer Protection Act]], whose passage in 2010 was a legislative response to the [[financial crisis of 2007–08]] and the subsequent [[Great Recession]]<ref name="WSOFP">{{cite web |author=Eaglesham, Jean |date=February 9, 2011 |title=Warning Shot On Financial Protection |url=https://www.wsj.com/articles/SB10001424052748703507804576130370862263258?mod=googlenews_wsj |access-date=February 10, 2011 |work=The Wall Street Journal}}{{subscription required}}</ref> and is an independent bureau within the [[Federal Reserve]].<ref>{{Cite web |title=Consumer Financial Protection Bureau |url=https://www.federalregister.gov/agencies/consumer-financial-protection-bureau |access-date=2023-02-28 |website=Federal Register}}</ref> The CFPB's status as an independent agency has been subject to many challenges in court. In June 2020, the [[United States Supreme Court]] ruled that the president [[Unitary executive theory|can remove]] the director without cause but allowed the agency to remain in operation. The Bureau is one of the agencies that [[Project 2025]] advocates that Congress should cut.<ref>{{Cite news |date=July 31, 2024 |title=Is this the end of Project 2025, the plan that riled Donald Trump? |url=https://www.economist.com/the-economist-explains/2024/07/31/is-this-the-end-of-project-2025-the-plan-that-riled-donald-trump |access-date=2024-08-04 |newspaper=The Economist |issn=0013-0613}}</ref> | ||
==Role== | ==Role== | ||