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The formation of the Consumer Financial Protection Bureau (CFPB) can be traced to the various issues that led to the great recession, resulting from the bursting of the housing bubble in 2008. Seeking to provide greater protection to consumers and to enhance the strength of the financial system, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) was enacted in July 21, 2010. The CFPB was created as part of Dodd-Frank as an independent bureau housed in the Federal Reserve.
The bureau’s purpose is to watch over the interests of American consumers in the market for financial products and services. Dodd-Frank consolidated most federal consumer financial protection laws under the authority of the CFPB giving it responsibility for supervision and enforcement of those laws. The bureau is charged with regulating a wide range of consumer financial products and services, including credit cards, payday loans, re-loadable gift cards, and mortgage loans.