OIG: The CFPB Can Enhance Certain Aspects of Its Enforcement Investigations Process (2024)

FAQs

Does the CFPB have enforcement power? ›

When a financial institution, individual, or other entity subject to the CFPB's authority breaks the law, the CFPB may take enforcement action against them. In certain cases, the CFPB may partner with other federal, state, or local agencies to investigate the wrongdoing and coordinate the enforcement action.

We aim to make consumer financial markets work for consumers, responsible providers, and the economy as a whole. We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law.

The CFPB investigates potential violations of federal consumer financial laws by entities or individuals within its authority and initiates public enforcement actions when appropriate. Timely actions, according to the agency, help better protect consumers.

The CFPB implements and enforces federal consumer financial laws to ensure that all consumers have access to markets for consumer financial products and services that are fair, transparent, and competitive.

We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

An appellate court ruled in 2022 that the agency's current funding system violates the Constitution's separation of powers doctrine and scrapped the 2017 rule on the grounds that the CFPB was unconstitutionally funded when it adopted the regulation.

The CFPB has regulatory authority over providers of many types of financial products and services, including credit cards, banking accounts, loan servicing, credit reporting and consumer debt collection. A person shops in the beef section of a supermarket on February 13, 2023 in Los Angeles, California.

The permissible purposes for which consumer reports are most commonly sought are those identified in FCRA section 604(a)(3), including for purposes related to credit, employment, insurance, and rental housing.

Consistent with applicable law, we securely share complaints with other state and federal agencies to, among other things, facilitate: supervision activities, enforcement activities, and. monitor the market for consumer financial products and services.

Here's a look at some of the CFPB's achievements, by the numbers: $17.5 billion – The amount of money the CFPB has put back in Americans' pockets in the form of monetary compensation, principal reductions, canceled debts, and other consumer relief resulting from CFPB enforcement and supervision work.

What are the examples of enforcement actions? ›

Formal enforcement actions include cease and desist orders, written agreements, prompt corrective action directives, removal and prohibition orders, and orders assessing civil money penalties.

Understand how the CFPB's Debt Collection Rule can help you

On November 30, 2021, the Debt Collection Rule became effective. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you.

One way we do this is by enforcing federal consumer financial laws and holding financial service providers accountable for their actions. When a bank, company, individual, or other entity breaks the law, we may take enforcement action against them.

When we take an enforcement action against an entity or person we believe has violated the law, we will post court documents and other related materials here. The Bureau may enforce the law by filing an action in federal district court or by initiating an administrative adjudication proceeding.

Our mission stems from our commitment to serving the consumer and our country. Our vision is a consumer finance marketplace that works for American consumers, responsible providers, and the economy as a whole.

engaged in conduct that may constitute a violation of Federal criminal law, the [CFPB] shall transmit such evidence to the Attorney General of the United States, who may institute criminal proceedings under appropriate law.” Id. § 5566.

The Dodd-Frank Act generally granted rulemaking authority under the TILA to the Consumer Financial Protection Bureau (CFPB). Title XIV of the Dodd-Frank Act included a number of amendments to the TILA, and in 2013, the CFPB issued rules to implement them.

The CFPB has the most expansive jurisdiction of any federal financial regulator, covering virtually all consumer financial products and services available to the American consumer, the infrastructure and technologies that enable those offerings, and practically all financial institutions, including banks with assets of ...

CCPA stands for the Consumer Credit Protection Act of 1968. It comprises various pieces of legislation that are enforced by government agencies, including: The Department of Labor's Wage and Hour Division (WHD) The Federal Trade Commission (FTC)