CFPB

Regulatory Panel

    CFPB jurisdiction includes banks, credit unions, securities firms, debt relief providers, student loan relief companies, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and other financial companies operating in the United States. 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.[2]

    The CFPB was established as an independent agency, but this status is being reviewed by the US Court of Appeals. Many of the most aggressive law enforcement actions taken against the debt relief space was initiated by the CFPB.