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Consumer Financial Protection Bureau (CFPB)

In 2010, Congress created the Consumer Financial Protection Bureau (CFPB) to serve as the nation’s cop on the beat to protect consumers from harmful financial products. Officially opened for business on July 22, 2011, the CFPB is now responsible for enforcing most federal financial consumer protection laws. See CAI's Guide to Filling a CFPB Complaint.

As a new federal agency, the CFPB is still working to define its approach to protecting consumers from abusive financial products and helping to ensure consumers have the right information to choose the financial products and services that will best meet their needs. While the CFPB’s authority extends from checking accounts to credit cards to payday loans, the Bureau also has significant authority over federal housing policy, mortgage lending standards, and the home buying process.

CAI’s members have a keen interest in the development of CFPB rules and regulations that could affect community associations. CAI is following CFPB actions on:

    • Definition of qualified mortgage
    • Regulation of transfer fees
    • Association assessments
    • Definition of real estate settlement fees
    •  Foreclosure prevention
    • Mortgage servicing standards

More information can be found in CAI’s CFPB FAQ and by visiting the CFPB website at www.consumerfinance.gov.

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