Consumer Financial Protection Bureau

United States government agency

Consumer Financial Protection Bureau

Agency overview
Formed| July 21, 2011; 13 years ago (2011-07-21).
Jurisdiction| United States
Headquarters| Washington, D.C., U.S.
38°53′53″N 77°02′26″W﻿ / ﻿38.898091°N 77.040591°W﻿ / 38.898091; -77.040591
Employees| 1,591 (2021)[1]
Annual budget| US$596 million (FY 2021)
Agency executive|

* Rohit Chopra, Director

Parent agency| Federal Reserve
Key document|

* Dodd–Frank Wall Street Reform and Consumer Protection Act

Website| www.consumerfinance.gov

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 banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, 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.[2]

The agency was originally proposed in 2007 by Elizabeth Warren while she was a law professor. 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[3] and is an independent bureau within the Federal Reserve.[4]

Throughout its existence, the Bureau has been persistently targeted by Republican politicians and the financial industry; it is one of the agencies that Project 2025 advocates that Congress should cut.[5][6] 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 can remove the director without cause but allowed the agency to remain in operation.

## Role

[edit]

According to former director Richard Cordray, the bureau's priorities are mortgages, credit cards and student loans.[3][7] The CFPB qualifies as a large independent agency that was designed to consolidate its employees and responsibilities from a number of other federal regulatory bodies, including the Federal Reserve, the Federal Trade Commission, the Federal Deposit Insurance Corporation, the National Credit Union Administration and even the Department of Housing and Urban Development.[8] The bureau is an independent unit located inside and funded by the United States Federal Reserve, with interim affiliation with the U.S. Treasury Department.[citation needed]

The CFPB writes and enforces rules for financial institutions, examines both bank and non-bank financial institutions, monitors and reports on markets, as well as collects and tracks consumer complaints.[7]

The CFPB opened its website in early February 2011 to accept suggestions from consumers via YouTube, Twitter, and its own website interface. According to the United States Treasury Department, the bureau is tasked with the responsibility to "promote fairness and transparency for mortgages, credit cards, and other consumer financial products and services".[9] According to its web site, the CFPB's "central mission...is to make markets for consumer financial products and services work for Americans—whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products".[10] In 2016 alone most of the hundreds and thousands of consumer complaints about their financial services—including banks and credit card issuers—were received and compiled by CFPB and are publicly available on a federal government database.[11]

Once a financial institution acquires $10 billion in assets, it falls under the guidance, rules, and regulations under the CFPB. The bank will then be known as a CFPB regulated bank. The CFPB will examine the institution for compliance with bank regulatory laws.[12]

The regulations implemented by the Bureau are housed in Chapter X of Title XII Banks and Banking of the U.S. Code of Federal Regulations. Some notable examples include the ECOA (Equal Credit Opportunity Act – Regulation B), HMDA (Home Mortgage Disclosure Act – Regulation C), Alternative Mortgage Transaction Parity Act of 1982 (Regulation D), EFTA (Electronic Fund Transfer Act – Regulation E), FDCPA (Fair Debt Collection Practices Act – Regulation F), FCRA (Fair Credit Reporting Act – Regulation V), RESPA (Real Estate Settlement Procedures Act – Regulation X), TILA (Truth in Lending Act – Regulation Z), and Truth in Savings Act (Regulation DD).[13][non-primary source needed]

## History

[edit]

In July 2010, Congress passed the Dodd–Frank Wall Street Reform and Consumer Protection Act, during the 111th United States Congress in response to the late-2000s recession and financial crisis.[3] The agency was originally proposed in 2007 by then Harvard Law School professor Elizabeth Warren, who later became a US senator.[14] The proposed CFPB was actively supported by Americans for Financial Reform, a newly created umbrella organization of some 250 consumer, labor, civil rights and other activist organizations.[15]

On September 17, 2010, President Obama announced the appointment of Warren as Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau to set up the new agency.[16][17] Due to the way the legislation creating the bureau was written, until the first director was in place, the agency was not able to write new rules or supervise financial institutions other than banks.[citation needed]

President Barack Obama announces the nomination of Richard Cordray as the first director of the CFPB on July 18, 2011.

Elizabeth Warren, who proposed and established the CFPB, was removed from consideration as the bureau's first formal director after Obama administration officials became convinced Warren could not overcome strong Republican opposition.[18] On July 17, President Obama nominated former Ohio attorney general and Ohio state treasurer Richard Cordray to be the first formal director of the CFPB.[19] Prior to his nomination, Cordray had been hired as chief of enforcement for the agency.[20]

However, Cordray's nomination was immediately in jeopardy due to 44 Senate Republicans vowing to derail any nominee in order to encourage a decentralized structure of the organization. Senate Republicans had also shown a pattern of refusing to consider regulatory agency nominees.[21][22] The CFPB formally began operation on July 21, 2011.[23]

Since the CFPB database was established in 2011, more than four million complaints have been published.[24] CFPB supporters include the Consumers Union claim that it is a "vital tool that can help consumers make informed decisions".[11] CFPB detractors argue that the CFPB database is a "gotcha game" and that there is already a database maintained by the Federal Trade Commission although that information is not available to the public.[11]

On January 4, 2012, Barack Obama issued a recess appointment to install Cordray as director through the end of 2013. This was a highly controversial move as the Senate was still holding pro forma sessions, and the possibility existed that the appointment could be challenged in court.[25] This type of recess appointment was unanimously ruled unconstitutional in NLRB v. Noel Canning.[26]

On July 16, 2013, the Senate confirmed Cordray as director in a 66–34 vote.[27] Cordray resigned in late 2017 to run for governor of Ohio.

The Financial CHOICE Act, proposed by the House Financial Services Committee's Jeb Hensarling, to repeal the Dodd–Frank Wall Street Reform and Consumer Protection Act, passed the House on June 8, 2017. Also in June 2017, the Senate was crafting its own reform bill.[28][29]

Testimony in US Congressional hearings of 2017 have elicited concerns that the wholesale publication of consumer complaints is both misleading and injurious to the consumer market. Rep. Barry Loudermilk (R-GA) said at one such congressional hearing, "Is the purpose of the database just to name and shame companies? Or should they have a disclaimer on there that says it's a fact-free zone, or this is fake news? That's really what I see happening here." Bill Himpler, executive vice president of the American Financial Services Association, a trade group representing banks and other lenders responded "Something needs to be done." "Once the damage is done to a company, it's hard to get your reputation back.[11]

Mick Mulvaney, as acting director of the CFPB, removed all 25 members of the agency's Consumer Advisory Board on June 5, 2018, after eleven of them held a press conference on June 3 in which they criticized him.[30]

On February 13, 2021, President Joe Biden formally submitted to the Senate the nomination of Rohit Chopra to serve as director of the CFPB.[31] His nomination was approved on September 30, 2021, by a 50-48 vote.[32]

In December 2021, CFPB fined LendUp $100,000 due to deceptive marketing and fair lending violations, and the company was required to stop issuing new loans.[33]

In June 2024, the CFPB proposed banning using medical debt in credit reports or loan decisions.[34]

In July 2024, the CFPB gave Zelle a choice between a settlement or litigation around its handling of fraud and scams on its platform.[35]

## Regulatory activities

[edit]

HQ Entrance (2024)

From its creation until 2017, the CFPB "has curtailed abusive debt collection practices, reformed mortgage lending, publicized and investigated hundreds of thousands of complaints from aggrieved customers of financial institutions, and extracted nearly $12 billion for 29 million consumers in refunds and canceled debts."[36] That figure had risen to $19 billion by 2024.[37]

### Public outreach

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The CFPB has created a number of personal finance tools for consumers, including Ask CFPB, which compiles plain-language answers to personal finance questions, and Paying for College, which estimates the cost of attending specific universities based on the financial aid offers a student has received.[38][39]

In 2014, the CFPB attempted to help consumers understand the risks of cryptocurrencies.[40] However their guidance contained several factual errors, and did not factor in the many positive benefits of cryptocurrencies like Bitcoin, such as hedging against inflation, or censorship resistance.[41] The CFPB guidance claimed that cryptocurrencies are "generally untraceable." This is not generally true. While there are some that are quite untraceable, like Monero, that is usually not the case. Most cryptocurrencies are public by default, including major currencies like Bitcoin or Ethereum, which list all transactions on a public ledger viewable by anyone.[42]

### Consumer data protection

[edit]

In 2016, the CFPB took its first enforcement action against a company that the CFPB alleged had failed to properly protect the privacy and security of consumers data.[43]

### Credit card fees

[edit]

In 2024, the Bureau limited credit card late fees to $8.[44] The rule was blocked by a judge, but the reason given for the block was overturned by the Supreme Court giving the Bureau confidence that the rule will be implemented.[44]

### Controversies

[edit]

A 2013 press release from the United States House Financial Services Committee criticized the CFPB for what was described as a "radical structure" that "is controlled by a single individual who cannot be fired for poor performance and who exercises sole control over the agency, its hiring and its budget." Moreover, the committee alleged a lack of financial transparency and a lack of accountability to Congress or the president. Committee vice chairman Patrick McHenry, expressed particular concern about travel costs and a $55 million renovation of CFPB headquarters, stating "$55 million is more than the entire annual construction and acquisition budget for GSA for the totality of federal buildings."[45]

In 2014, some employees and former employees of the CFPB testified before Congress about an alleged culture of racism and sexism at the agency. Former employees testified they were retaliated against for bringing problems to the attention of superiors.[46][47]

House Republicans criticized the methodology the CFPB uses to identify instances of racial discrimination among auto lenders. Because of legal constraints, the agency used a system to "guess" the race of auto loan applicants based on their last name and listed address. Based on that information, the agency charged several lenders were discriminating against minority applicants and levied large fines and settlements against those companies. Ally Financial paid $98 million in fines and settlement fees in 2013.[48] As the agency's methodology means it can only guess who may be victims of discrimination entitled to settlement funds, as of late 2015, the CFPB had yet to compensate any individuals who were victims of Ally's allegedly discriminatory practices.[48] In 2016, the House voted to overturn its 2013 guidance, with 88 Democrats joining House Republicans.[49]

Cordray was accused but cleared of any violations of the Hatch Act as Director of the CFPB after being investigated by the Office of Special Counsel (OSC).[50][relevant?]

## Amendment

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On May 21, 2018, US president Donald Trump signed into law Congressional legislation repealing the enforcement of automobiles lending rules.[51] On May 24, 2018, Trump signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act, exempting dozens of banks from the CFPB's regulations.[52]

### Proposed amendment

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On September 26, 2013, the Consumer Financial Protection Safety and Soundness Improvement Act of 2013 (H.R. 3193; 113th Congress) was introduced into the United States House of Representatives.[53] The bill would have created a five-person commission and removed it from the Federal Reserve System.[54] The CFPB would have been renamed the "Financial Product Safety Commission". The bill was also intended to make it easier to override the CFPB decisions. It passed in the House of Representatives on February 27, 2014, and was received by the Senate on March 4.[55] It was never considered in the Democratic controlled Senate.[56]

## Legal challenges

[edit]

Further information: Dodd–Frank Wall Street Reform and Consumer Protection Act § Constitutional challenge to Dodd–Frank

Two lawsuits were filed in the early years of the CFPB; they were both dismissed by federal courts, but one was appealed and is still ongoing. The first one, filed on June 21, 2012, by a Texas bank along with the Competitive Enterprise Institute, challenged the constitutionality of provisions of the CFPB.[57] One year later, in August 2013, a federal judge dismissed the lawsuit because the plaintiffs had failed to show that they had suffered harm.[58] In July 2015, the United States Court of Appeals for the District of Columbia Circuit affirmed in part and reversed in part, holding that the bank, but not the states that later joined the lawsuit, had standing to challenge the law, and returned the case for further proceedings.[59][60]

A lawsuit filed July 22, 2013, by Morgan Drexen Integrated Systems, a provider of outsourced administrative support services to attorneys, and Connecticut attorney Kimberly A. Pisinski, challenged the constitutionality of the CFPB.[61][62] The complaint, filed in the U.S. District Court for the District of Columbia, alleged that the "CFPB's structure insulates it from political accountability and internal checks and balances in violation of the United States Constitution. Unbridled from constitutionally-required accountability, CFPB has engaged in ultra vires and abusive practices, including attempts to regulate the practice of law (a function reserved for state bars), attempts to collect attorney-client protected material, and overreaching demands for, and mining of, personal financial information of American citizens, which has prompted a Government Accountability Office ("GAO") investigation, commenced on July 12, 2013."[63] On August 22, 2013, one month after Morgan Drexen's lawsuit, the CFPB filed its own lawsuit against Morgan Drexen in the United States District Court for the Central District of California alleging that Morgan Drexen charged advance fees for debt relief services in violation of the Telemarketing Sales Rule and engaged in deceptive acts and practices in violation of the Consumer Financial Protection Act (CFPA).[64] The CFPB won this lawsuit and Morgan Drexen was ordered to pay $132,882,488 in restitution and a $40 million civil penalty.[65]

In October 2016, the Court of Appeals for the District of Columbia Circuit ruled that it was unconstitutional for the CFPB director to be removable by the president of the United States only for cause, such as "inefficiency, neglect of duty or malfeasance."[66] Circuit Judge Brett Kavanaugh, joined by Senior Circuit Judge A. Raymond Randolph, wrote that the law was "a threat to individual liberty" and instead found that the president could remove the CFPB director at will.[66] Circuit Judge Karen L. Henderson agreed that the CFPB Director had been wrong in adopting a new interpretation of the Real Estate Settlement Procedures Act, finding the statute of limitations did not apply to the CFPB, and fining the petitioning mortgage company PHH Corporation $109 million, but she dissented from giving the president a new power to remove the director, citing constitutional avoidance.[67] The U.S. Court of Appeals for the District of Columbia Circuit vacated the decision and ordered en banc review.[68] On January 31, 2018, the en banc D.C. Circuit found that the CFPB's structure was constitutional by a vote of 7–3. Judge Cornelia Pillard, writing for the majority, found that the Take Care Clause does not forbid independent agencies, while each of the circuit judges from the earlier panel wrote separate dissents.[69]

In June 2018, New York Federal District Court judge Loretta Preska ruled against its structure.[70][71] In January 2019, the Supreme Court denied review of the DC Circuit Court decision.[72]

In October 2019, the Supreme Court announced it would review the constitutionality of the Bureau's structure in the case Seila Law v. Consumer Financial Protection Bureau considering the split decision of the lower courts.[73] Oral arguments began on March 3, 2020.[74]

On June 29, 2020, the Supreme Court ruled in a 5–4 decision that the firing protections of the director are an unconstitutional restraint on the president's ability to oversee executive branch agencies. "Such an agency lacks a foundation in historical practice and clashes with constitutional structure by concentrating power in a unilateral actor insulated from Presidential control," Chief Justice John Roberts wrote in the majority opinion, which was joined by his conservative colleagues.[75] The statutes around the Director's position on the CFPB were considered severable from the remaining structure of the CFPB, and the Court ordered that "The agency may therefore continue to operate, but its Director, in light of our decision, must be removable by the President at will." The dissenting opinion, written by Justice Elena Kagan, stated that the majority's decision has the court "second-guessing" the two political branches of government (Congress and the president) on how to structure the executive branch and "wipes out a feature of [the CFPB] its creators thought fundamental to its mission—a measure of independence from political pressure."[76]

### 2017 dispute over acting director

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See also: English v. Trump

On November 24, 2017, Director Cordray appointed Leandra English to the position of deputy director, and announced that he would leave office at the close of business that day.[77][78] Cordray indicated that would make English the acting director after his resignation,[79] citing provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act providing that the deputy director of the CFPB becomes acting director in the "absence or unavailability" of the director.[80] Later the same day, however, President Donald Trump appointed the incumbent director of the Office of Management and Budget, Mick Mulvaney, as acting director, citing the authority of the Federal Vacancies Reform Act of 1998.[80]

On November 25, the Office of Legal Counsel released an opinion, written by Assistant Attorney General Steven Engel, asserting that the President has the authority under the FVRA to designate an acting CFPB Director. The OLC memo maintained that "both the Vacancies Reform Act and [§1011(b)(5) of Dodd–Frank] are available for filling on an acting basis a vacancy that results from the resignation of the CFPB's Director" but that "when the President designates an individual...outside the ordinary order of succession, the President's designation necessarily controls."[81] This position was also supported by the General Counsel of the CFPB, Mary E. McLeod.[82][83]

On November 26, English (represented by former CFPB senior counsel Deepak Gupta) filed a lawsuit in the United States District Court for the District of Columbia seeking a temporary restraining order and declaratory judgment to prevent Mulvaney from becoming acting director,[84] Mulvaney was given access by unnamed individuals with the keys to the director's office on November 27 and ordered all CFPB employees to disregard any claims from English that she is the acting director.[85] Both English and Mulvaney sent emails to the entire 1,600-person staff of the CFPB, each signing as "Acting Director" of the agency.[86][87] On November 28, 2017, U.S. District Judge Timothy J. Kelly, who had been appointed by President Trump just a few months earlier, denied English's motion for a preliminary injunction and allowed Mulvaney to begin serving as CFPB acting director.[88]

### 2019 dispute over CFPB leadership

[edit]

See also: Seila Law LLC v. Consumer Financial Protection Bureau

Seila Law LLC (Seila Law), a law firm that provided debt relief services, was under investigation by the CFPB. As part of its investigation, the CFPB issued a civil investigative demand (CID) to Seila Law, which required Seila Law to produce certain documents. Seila Law declined to comply with the CID and challenged the constitutionality of the CFPB. The CFPB brought a motion to enforce the CID to the United States District Court for the Central District of California, where District Judge Josephine Staton granted the motion after finding the CFPB was constitutionally structured.[89]

Seila Law's appeal to the Ninth Circuit was dismissed. The 9th Circuit panel affirmed the District Court's ruling, and agreed that the Supreme Court's prior decisions upholding for-cause removal in Humphrey's Executor and Morrison were "controlling".[90] It also referred approvingly to the en banc decision of the DC Circuit in PHH Corp. v. CFPB (2018), in which the Circuit found that the structure of the CFPB was constitutional.[91]

There was arguably a circuit split on the question presented in Seila Law. While the Ninth Circuit and DC Circuit had held that the CFPB's structure is constitutional, the Fifth Circuit in Collins v. Mnuchin (2018) held that the structure of the Federal Housing Finance Agency—another agency whose director can be removed only for cause—violated the separation of powers.[92]

The Supreme Court granted certiorari in Seila Law on October 18, 2019, and heard oral argument on March 3, 2020.[93]

The Court issued its decision on June 29, 2020. The 5–4 decision ruled that the CFPB structure, with a sole director that could only be terminated for cause, was unconstitutional as it violated the separation of powers, vacating the lower court judgement and remanding the case for review. The Court recognized that the statutes around the director of the CFPB was severable from the rest of the statute establishing the agency, and thus "The agency may therefore continue to operate, but its Director, in light of our decision, must be removable by the President at will."[94]

Chief Justice John Roberts wrote the majority opinion joined by conservative Justices Clarence Thomas, Samuel Alito, Neil Gorsuch, and Brett Kavanaugh. Roberts wrote that the CFPB structure with a single point of leadership that could only be removed for cause "has no foothold in history or tradition", and has only been used in four other instances: three current uses for the United States Office of Special Counsel, the Social Security Administration, and the Federal Housing Finance Agency, and temporarily for one year during the American Civil War for the Office of the Comptroller of the Currency.[76] Roberts wrote that the three current uses "are modern and contested. And they do not involve regulatory or enforcement authority comparable to that exercised by the CFPB."[76] Roberts also wrote that the CFPB structure "is also incompatible with the structure of the Constitution, which—with the sole exception of the Presidency—scrupulously avoids concentrating power in the hands of any single individual."[76] Roberts referred back to the precedent established by Humphrey's Executor and Morrison as a basis for the majority's decision.[95]

Justice Elena Kagan wrote the dissent joined by justices Ruth Bader Ginsburg, Stephen Breyer, and Sonia Sotomayor. Kagan wrote that "Today's decision wipes out a feature of that agency its creators thought fundamental to its mission—a measure of independence from political pressure."[76] Kagan challenged the separation of powers argument presented by the majority: "Nowhere does the text [of the Constitution] say anything about the President's power to remove subordinate officials at will."[76] The dissenting Justices did concur on the matter of severability of the remaining structure of the CFPB outside of the director.

### 2022 dispute over funding structure

[edit]

Main article: Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited

In 2018, the Community Financial Services Association of America sued the CFPB over its 2017 rule that blocked lenders to attempt to collect funds from borrowers' accounts after two consecutive failed attempts, unless the borrower had consented. Part of its argument in the case was that the CFPB's budgetary structure was unconstitutional, as it did not receive funding through Congressional appropriations but requested its funding through the Federal Reserve. While the district court ruled against the association, the Fifth Circuit ruled in favor of the association in October 2022, deeming that its funding structure was unconstitutional.[96]

That opinion was appealed to the US Supreme Court, which reversed the 5th Circuit and upheld the CFPB's funding mechanism.[97] May 2024, the Court ruled for the CFPB in a 7–2 decision written by Justice Clarence Thomas.[98]

### 2023 sanctioned over conduct

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The Eleventh Circuit affirmed sanctions levied by the United States District Court for the Northern District of Georgia against the Consumer Financial Protection Bureau due to its conduct during discovery.[99][better source needed]

## List of directors

[edit]

Status

Special Advisor

Acting Director

No.  | Portrait  | Name  | State of residence  | Took office  | Left office  | Tenure  | Presidents

|
|
|
|
|
|
|

–  |  | Elizabeth Warren | Massachusetts | September 17, 2010  | August 1, 2011  | 318 days  |  | Barack Obama
–  |  | Raj Date | District of Columbia | August 1, 2011  | January 4, 2012  | 156 days
1 |  | Richard Cordray | Ohio | January 4, 2012  | November 24, 2017[100] | 5 years, 16 days
308 days
(5 years, 324 days total) |  | Donald Trump
–  |  | Mick Mulvaney | South Carolina | November 25, 2017  | December 10, 2018  | 1 year, 15 days
2 |  | Kathy Kraninger | Ohio | December 11, 2018  | January 20, 2021[101] | 2 years, 40 days
–  |  | David Uejio | District of Columbia  | January 20, 2021  | October 12, 2021  | 265 days  |  | Joe Biden
3 |  | Rohit Chopra | District of Columbia | October 12, 2021  | Incumbent  | 3 years, 77 days

## See also

[edit]

* United States portal
* Politics portal
* Business and economics portal

* Regulatory responses to the subprime crisis
* Subprime mortgage crisis solutions debate
* Title 12 of the Code of Federal Regulations
* Volcker Rule
* Wall Street reform
* List of financial regulatory authorities by jurisdiction

## References

[edit]

1. ^ "Financial report of the Consumer Financial Protection Bureau Fiscal year 2021" (PDF). Consumer Financial Protection Bureau. Retrieved November 30, 2021.
2. ^ Van Loo, Rory (July 1, 2018). "Technology Regulation by Default: Platforms, Privacy, and the CFPB". Georgetown Law Technology Review. 2 (2): 531–532, 537.531-532,+537&rft.date=2018-07-01&rft.aulast=Van+Loo&rft.aufirst=Rory&rft_id=https://scholarship.law.bu.edu/faculty_scholarship/355&rfr_id=info:sid/en.wikipedia.org:Consumer+Financial+Protection+Bureau" class="Z3988">
3. ^ a b c Eaglesham, Jean (February 9, 2011). "Warning Shot On Financial Protection". The Wall Street Journal. Retrieved February 10, 2011.(subscription required)
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30. ^ Merle, Renae (June 6, 2018). "Mick Mulvaney fires all 25 members of consumer watchdog's advisory board". The Washington Post. Retrieved June 11, 2019.
31. ^ "PN116 — Rohit Chopra — Bureau of Consumer Financial Protection". U.S. Congress. Retrieved February 14, 2021.
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34. ^ Diamond, Dan; Gregg, Aaron (June 12, 2024). "Biden proposes to ban medical debt from credit reports, loan decisions". Washington Post. ISSN 0190-8286. Retrieved August 4, 2024.
35. ^ Anand, Nupur (August 2, 2024). "JPMorgan considers suing consumer watchdog over Zelle". Reuters.
36. ^ Steve Eder, Jessica Silver-Greenberg & Stacy Cowley, Republicans Want to Sideline This Regulator. But It May Be Too Popular, The New York Times (August 31, 2017).
37. ^ Sherman, Mark (May 16, 2024). "Supreme Court sides with the Consumer Financial Protection Bureau, spurning a conservative attack". AP News. Retrieved August 4, 2024.
38. ^ Maya Jackson Randall (March 22, 2012). "Consumer-protection agency launches 'Ask CFPB' tool". The Wall Street Journal. Retrieved August 7, 2013.
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40. ^ "Consumer protection agency urges Americans to beware of Bitcoin, other cryptocurrencies". PBS News. August 12, 2014. Retrieved August 14, 2024.
41. ^ Reitman, rainey (January 20, 2011). "Bitcoin - a Step Toward Censorship-Resistant Digital Currency". Electronic Frontier Foundation. Retrieved November 28, 2024.
42. ^ Kisters, Salomon. "Tracing Bitcoin Transactions: A Complete Guide". originstamp.com. Retrieved November 28, 2024.
43. ^ "Dwolla Fined $100,000 by CFPB in First Data Security Enforcement Action". Archived from the original on March 9, 2016.
44. ^ a b Raymond, Nate (July 9, 2024). "CFPB says US Supreme Court rulings justify reviving credit card fees rule". Reuters.
45. ^ Jeb Hensarling (June 18, 2013). "CFPB Lacks Oversight and Accountability". U.S. House of Representatives Financial Services Committee. Archived from the original (Press release) on May 16, 2017. Retrieved May 18, 2017.
46. ^ Devaney, Tim (June 18, 2014). "Ex-staffer: CFPB run like a 'plantation'". The Hill.
47. ^ Lee, M. J. (April 2, 2014). "Worker alleges CFPB 'trail of victims'". POLITICO.
48. ^ a b Moyer, Liz (November 25, 2015). "Consumer Bureau Faulted on Auto Lending Inquiry". The New York Times. ISSN 0362-4331. Retrieved August 14, 2024.
49. ^ Finkle, Victoria (March 16, 2016). "House Republicans Clash With Consumer Protection Unit Chief". The New York Times. ISSN 0362-4331. Retrieved August 14, 2024.
50. ^ Manchester, Julia (November 3, 2017). "Consumer chief didn't violate ethics rules, agency says". The Hill. Retrieved November 15, 2023.
51. ^ Warmbrodt, Zachary (May 21, 2018). "Trump signs bill blocking consumer bureau auto-lending measure". Politico. Retrieved May 25, 2018.
52. ^ Sherman, Erik (May 24, 2018). "Scaling back Dodd-Frank is just the beginning of Trump's run on deregulation". NBC News. Retrieved May 25, 2018.
53. ^ "H.R. 3193 – Summary". United States Congress. Retrieved February 11, 2014.
54. ^ Kasperowicz, Pete (February 7, 2014). "House to take another swing at Dodd–Frank reform". The Hill. Retrieved February 11, 2014.
55. ^ "H.R. 3193 – Consumer Financial Freedom and Washington Accountability Act". congress.gov. Retrieved October 17, 2015.
56. ^ Lunsford, Patrick (March 5, 2015). "CFPB Reform Bill Introduced in House Designed to Pass Congress". insidearm.com. Retrieved October 17, 2015.
57. ^ Hall, Christine (June 21, 2012). "Dodd–Frank Unconstitutional Power-Grab, Says New Lawsuit". Competitive Enterprise Institute. Competitive Enterprise Institute.
58. ^ "Standing Alone, But Firm; Morgan Drexen Presses Forth in Lawsuit Against the Consumer Financial Protection Bureau" (Press release). GlobeNewswire. August 2, 2013. Retrieved May 18, 2014.
59. ^ Adler, Jonathan H. (July 24, 2015). "D.C. Circuit revives constitutional challenge to Consumer Financial Protection Bureau". The Washington Post. Retrieved August 10, 2015.
60. ^ State National Bank of Big Spring, et al. v. Lew, no. 13-5247 (D.C. Cir, July 24, 2015).
61. ^ Pollock, Richard (July 23, 2013). "Private firm sues CFPB, challenges board's constitutionality". Washington Examiner. Retrieved August 11, 2013.
62. ^ Karmasek, Jessica M. (August 10, 2013). "Conn. attorney, support services provider sue CFPB over alleged 'data mining'". Legal Newsline. Retrieved August 11, 2013.
63. ^ "Morgan Drexen Filings". Morgan Drexen. Archived from the original on August 30, 2013. Retrieved August 11, 2013.
64. ^ Kaplinsky, Alan (August 23, 2013). "A tale of two lawsuits: CFPB sues Morgan Drexen". JD Supra Law News. Retrieved November 8, 2013.
65. ^ "CFPB Wins Final Judgment Against Morgan Drexen for Illegal Debt-Relief Scheme". March 18, 2016. Retrieved June 17, 2016.
66. ^ a b Cowley, Stacy (October 12, 2016). "Court Upholds Consumer Agency, Minus Its Leader's Job Security". The New York Times. p. B2. Retrieved October 18, 2016.
67. ^ Frankel, Alison (October 11, 2016). "The D.C. Circuit's gratuitous ruling on CFPB constitutionality". Reuters. Archived from the original on October 15, 2016. Retrieved October 18, 2016.
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69. ^ Weiss, Debra Cassens (January 31, 2018). "Full DC Circuit upholds structure of Consumer Financial Protection Bureau". ABA Journal. Retrieved April 5, 2018.
70. ^ Hayashi, Yuka (June 22, 2018). "Judge Rules Against Bureau's Structure". The Wall Street Journal. Vol. CCLXXI, no. 145\. Dow Jones/News Corp. p. A5.
71. ^ Lane, Sylvan (June 21, 2018). "Federal court rules consumer bureau structure unconstitutional". The Hill. Retrieved May 29, 2019.
72. ^ "State National Bank of Big Spring v. Mnuchin". SCOTUSblog. Retrieved May 29, 2019.
73. ^ "Justices to review constitutionality of CFPB structure". SCOTUSblog. October 18, 2019. Retrieved November 30, 2019.
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## External links

[edit]

Consumer Financial Protection Bureau at Wikipedia's sister projects

* Media from Commons
* News from Wikinews
* Data from Wikidata

* Official website
* Consumer Financial Protection Bureau in the Federal Register
* 12 CFR Chapter X of the Code of Federal Regulations

* v
* t
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Bank regulation in the United States

Federal authorities|

* Consumer Financial Protection Bureau
* Farm Credit Administration
* Federal Deposit Insurance Corporation
* Federal Financial Institutions Examination Council
* Federal Housing Finance Agency
* Federal Reserve Board of Governors
* Financial Stability Oversight Council
* National Credit Union Administration
* Office of the Comptroller of the Currency

Major federal
legislation|

* Independent Treasury Act
* National Bank Act
* Federal Reserve Act
* McFadden Act
* 1933 Banking Act
* Glass–Steagall Act
* Federal Credit Union Act
* Bank Holding Company Act
* Interest Rate Control Act of 1966
* Truth in Lending Act
* Bank Secrecy Act
* Fair Credit Reporting Act
* Home Mortgage Disclosure Act
* Community Reinvestment Act
* Electronic Fund Transfer Act
* Financial Institutions Regulatory and Interest Rate Control Act of 1978
* Monetary Control Act
* Depository Institutions Act
* Competitive Equality Banking Act of 1987
* FIRREA
* FDICIA
* Truth in Savings Act
* Riegle-Neal IBBEA
* Gramm–Leach–Bliley Act
* Fair and Accurate Credit Transactions Act
* Emergency Economic Stabilization Act
* Credit CARD Act
* Dodd–Frank
* EGRRCPA

Federal Reserve
Board regulations

* Extensions of Credit by Federal Reserve Banks (Reg A)
* Equal Credit Opportunity (Reg B)
* Home Mortgage Disclosure (Reg C)
* Reserve Requirements for Depository Institutions (Reg D)
* Electronic Fund Transfer (Reg E)
* Limitations on Interbank Liabilities (Reg F)
* International Banking Operations (Reg K)
* Consumer Leasing (Reg M)
* Loans to Insiders (Reg O)
* Privacy of Consumer Financial Information (Reg P)
* Prohibition Against the Paying of Interest on Demand Deposits (Reg Q)
* Credit by Brokers and Dealers (Reg T)
* Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock (Reg U)
* Transactions Between Member Banks and Their Affiliates (Reg W)
* Borrowers of Securities Credit (Reg X)
* Truth in Lending (Reg Z)
* Unfair or Deceptive Acts or Practices (Reg AA)
* Community Reinvestment (Reg BB)
* Availability of Funds and Collection of Checks (Reg CC)
* Truth in Savings (Reg DD)

Types of bank charter|

* Credit union
* Federal savings association
* National bank
* State bank

State authorities|

* California
* Colorado
* Florida
* Illinois
* Maryland
* Michigan
* New Hampshire
* New Jersey
* New York
* Ohio
* Oklahoma
* Oregon
* Pennsylvania
* Tennessee
* Virginia

Terms|

* Call report
* CAEL Rating
* CAMELS rating system
* Thrift Financial Report

Other topics|

* Banking in the United States
* Fair debt collection
* History of central banking in the United States
* Wildcat banking

* Category
* Business portal
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Great Recession

By region|

* Africa
* Americas
* United States
* South America
* Asia
* Europe
* Iceland
* Oceania

United States-specific|

* Automotive industry crisis
* California budget crisis
* Housing bubble
* Housing market correction
* Subprime mortgage crisis

Banking losses and fraud|

* Libor scandal
* Tom Hayes
* Société Générale trading loss
* Forex scandal
* Bernie Madoff
* Tom Petters
* Scott W. Rothstein
* Allen Stanford

Government entities|

* Consumer Financial Protection Bureau
* Federal Deposit Insurance Corporation
* Federal Home Loan Banks
* Federal Housing Administration
* Federal Housing Finance Agency
* Federal Housing Finance Board
* Federal Reserve System
* Government National Mortgage Association
* National Asset Management Agency
* Office of Federal Housing Enterprise Oversight
* Office of Financial Stability
* UK Financial Investments

Government policy and spending responses

Banking and finance
stability and reform|

* Banking (Special Provisions) Act 2008
* China–Japan–South Korea trilateral summit
* Commercial Paper Funding Facility
* Dodd–Frank Wall Street Reform and Consumer Protection Act
* Emergency Economic Stabilization Act of 2008
* Irish emergency budget, 2009
* Temporary Liquidity Guarantee Program
* Term Asset-Backed Securities Loan Facility
* Troubled Asset Relief Program
* 2008 United Kingdom bank rescue package

| Bank stress tests|

* EU
* U.S.

|

Stimulus and recovery|

* 2008 European Union stimulus plan
* 2008–2009 Keynesian resurgence
* American Recovery and Reinvestment Act of 2009
* Chinese economic stimulus program
* Economic Stimulus Act of 2008
* Fraud Enforcement and Recovery Act of 2009
* Green New Deal
* Housing and Economic Recovery Act of 2008
* National fiscal policy response to the Great Recession
* Zero interest-rate policy

Government interventions,
rescues, and acquisitions|

* List of banks acquired or bankrupted during the Great Recession

| Non-banking|

* Chrysler
* General Motors

|

Securities involved
and financial markets|

* Auction rate securities
* Collateralized debt obligations
* Collateralized mortgage obligations
* Credit default swaps
* Mortgage-backed securities
* Secondary mortgage market

Social responses|

* Tea Party protests (United States; c. 2009)
* 2009 May Day protests (Europe, Middle East and North Africa, Asia; 2009)
* Arab Spring (MENA; 2010–2012)
* Occupy movement (worldwide; 2011–2012)
* Occupy Wall Street

Related topics|

* 2000s energy crisis
* 2008 Central Asia energy crisis
* Effects of the Great Recession on museums
* Decline of newspapers
* 2007–2008 world food price crisis
* Retail apocalypse

* European debt crisis
* 2007–2008 financial crisis
* List of countries by public debt

* v
* t
* e

Directors of the Consumer Financial Protection Bureau

Special Advisor
2010–2012|

* Warren
* Date

Director
2012–present|

* Cordray
* Kraninger
* Chopra

Authority control databases

International|

* ISNI
* VIAF

National|

* Germany
* United States

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