Public Law 111-267

Public Law 111-267, enacted in 2010, is the federal law that authorized the creation of the Consumer Financial Protection Bureau (CFPB). The law aimed to protect consumers in financial markets by establishing a new agency responsible for overseeing and enforcing laws related to consumer financial products, like loans and credit cards. It sought to promote transparency, fairness, and responsible practices in the financial industry, helping consumers make better financial decisions and preventing unfair or deceptive practices. Essentially, it created a dedicated watchdog to oversee consumer financial protections in the United States.