Q & A | What do I need to know about CFPB?

Q: What do I need to know about CFPB?

A: The CFPB is the Consumer Financial Protection Bureau.  It is an independent bureau within the Federal Reserve System, created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in 2010 and implemented the most significant changes to financial regulation in the United States since the regulatory reform that followed the Great Depression.  The CFPB was charged with regulating and enforcing consumer financial laws, such as the Truth-In-Lending Laws (“TILA”) and RESPA.  The CFPB was also charged with enacting easier to understand mortgage disclosure forms that would promote consumer comparison shopping and standards to prevent reckless lending and ensure the ability to repay.