Consumer Financial Protection Bureau In response to the 2007
financial crisis, Congress created the Consumer Financial
Protection Bureau (CFPB.) Important consumer protection powers
were scattered across seven different federal agencies prior to
the creation of the CFPB. Now these powers are consolidated into
the single agency, the CFPB. Since July 2011, the CFPB has taken
a proactive role in enforcing regulations, and protecting and
educating consumers. The CFPB: - Supervises large banks, credit
unions and other financial companies for compliance with federal
consumer financial laws. - Enforces laws to prevent businesses
from using unfair, deceptive, and/or abusive tactics in consumer
markets. - Accepts consumer complaints and stories about
consumer experiences. - Promotes financial education and offers
various guides and reports to help consumers understand their
options in financial situations. - Hosts an extensive “Know
Before You Owe” webpage to educate consumers about the costs and
risks of credit cards