What laws does the CFPB enforce? | Consumer Financial Protection Bureau (2024)

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What laws does the CFPB enforce? | Consumer Financial Protection Bureau? ›

Consumer Financial Protection Act (Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act) (12 U.S.C. 5481 et seq.) Consumer Leasing Act of 1976 (15 U.S.C. 1667 et seq.)

We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

With this authority, the Consumer Financial Protection Bureau has the ability to examine for and monitor compliance with federal consumer financial laws and regulations at both large banks and nonbank financial services companies.

Select federal consumer protection statutes, which apply nationwide, include the Federal Trade Commission Act (“FTC Act”), the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), the Gramm-Leach-Bliley Act (“GLB Act”), the Truth in Lending Act (“TILA”), the Fair Credit Reporting Act (“FCRA”), ...

authority to the CFPB to supervise for and enforce compliance with the FDCPA. The FDCPA applies only to the collection of debt incurred by a consumer primarily for personal, family, or household purposes. It does not apply to the collection of corporate debt or to debt owed for business or agricultural purposes.

Some of the laws the CFPB enforces include: Alternative Mortgage Transaction Parity Act of 1982 (12 U.S.C. 3801 et seq.); Consumer Financial Protection Act (Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act) (12 U.S.C.

Consistent with applicable law, we securely share complaints with other state and federal agencies to, among other things, facilitate: supervision activities, enforcement activities, and. monitor the market for consumer financial products and services.

The CFPB has the most expansive jurisdiction of any federal financial regulator, covering virtually all consumer financial products and services available to the American consumer, the infrastructure and technologies that enable those offerings, and practically all financial institutions, including banks with assets of ...

Financial Institutions Challenge CFPB

- For one, it reduces their success rate of collecting back their money. It also imposes an additional administrative burden on them, since if pre-authorized debits aren't an option, lenders may need to rely on other collection methods like sending notices or calling borrowers.

Rohit Chopra is Director of the Consumer Financial Protection Bureau.

What are three federal laws that protect consumers? ›

"The Fair Housing Act." Federal Trade Commission. "Fair Debt Collection Practices Act." Federal Reserve.

IN BRIEF. The CFPB statute of limitations on its enforcement of the prohibition on unfair, deceptive, or abusive acts or practices is three years after the “date of discovery of the violation to which an action relates.” This article focuses on the discovery rule in the CFPB statute of limitations.

One of the most rigorous rules in their favor is the 7-in-7 rule. This rule states that a creditor must not contact the person who owes them money more than seven times within a 7-day period. Also, they must not contact the individual within seven days after engaging in a phone conversation about a particular debt.

When we take an enforcement action against an entity or person we believe has violated the law, we will post court documents and other related materials here. The Bureau may enforce the law by filing an action in federal district court or by initiating an administrative adjudication proceeding.

12 CFR Part 1006 - Fair Debt Collection Practices Act (Regulation F) Regulation F implements the Fair Debt Collection Practices Act (FDCPA), prescribing Federal rules governing the activities of debt collectors, as that term is defined in the FDCPA.

CCPA stands for the Consumer Credit Protection Act of 1968. It comprises various pieces of legislation that are enforced by government agencies, including: The Department of Labor's Wage and Hour Division (WHD) The Federal Trade Commission (FTC)

The CFPB investigates potential violations of federal consumer financial laws by entities or individuals within its authority and initiates public enforcement actions when appropriate. Timely actions, according to the agency, help better protect consumers.

“When Congress created the CFPB, it excluded the insurance business from the Bureau's mandate. Unfortunately, the CFPB has tried to expand its authority without any accountability. This legislation makes it clear to the CFPB that it has no authority to regulate the business of insurance.

The CFPB examines financial institutions, including many nonbanks, for compliance with federal consumer financial protection law. The examinations can help identify issues before they become systemic or cause significant harm.