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