Consumer Financial Protection Act

The Consumer Financial Protection Act of 2010 created the Consumer Financial Protection Bureau which opened its doors in 2011. The Bureau has supervision authority for depository institutions with more than $10 billion in assets, and has examination and enforcement powers for financial industry participants that offer consumers financial products.

The Act gave the Bureau broad authority to protect consumers from unfair, deceptive, or abusive acts and practices and transferred lender data collection responsibilities under the Home Mortgage Disclosure Act from the Federal Reserve to the Bureau. The Bureau is also responsible for oversight of mortgage lending and servicing disclosures and requirements under the Truth in Lending Act and the Real Estate Settlement Procedures Act.

The Act also instructed the Bureau to create a database where consumers can submit complaints about financial service companies and products.