Consumer Financial Protection Act

The Consumer Financial Protection Act, enacted in 2010, established the Consumer Financial Protection Bureau (CFPB) to oversee and regulate financial products and services, ensuring that they are fair, transparent, and accessible. The Act aims to protect consumers from abusive financial practices, such as hidden fees and misleading information, primarily in areas like mortgages, credit cards, and loans. By enforcing rules and providing education, the CFPB helps consumers make informed financial decisions and encourages competition among financial institutions, ultimately fostering a safer financial marketplace.