Rules & Policy | Consumer Financial Protection Bureau (2024)

FAQs

What is the CFPB law and policy? ›

Rules and policy

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.

Enforcing laws that outlaw discrimination in consumer finance. Taking consumer complaints. Enhancing financial education. Researching the consumer experience of using financial products.

Select federal consumer protection statutes, which apply nationwide, include the Federal Trade Commission Act (“FTC Act”), the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), the Gramm-Leach-Bliley Act (“GLB Act”), the Truth in Lending Act (“TILA”), the Fair Credit Reporting Act (“FCRA”), ...

The CFPB's proposed rule would consider fees for transactions declined in real time to be unlawful under the Consumer Financial Protection Act. The proposed rule is also just one part of the CFPB's multi-front work on protecting consumers from unlawful NSF and other junk fees.

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.

Two federal laws cover your personal financial privacy: The Fair Credit Reporting Act (PDF) and the Gramm-Leach-Bliley Act. Learn more. Read Privacy Choices for Your Personal Financial Information on the Federal Trade Commission website.

The CFPB supervises a range of companies to assess their compliance with federal consumer financial laws. We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

The FTC's Bureau of Consumer Protection stops unfair, deceptive and fraudulent business practices by collecting reports from consumers and conducting investigations, suing companies and people that break the law, developing rules to maintain a fair marketplace, and educating consumers and businesses about their rights ...

Credit reporting agencies are subject to a range of penalties for violating the FCRA. These penalties are designed to offset any damages you've suffered as a result of misreporting. You can file a complaint with the CFPB via their website or by calling (855) 411-2372.

3.3 Regulation 3 contains a general prohibition of unfair commercial practices. it materially distorts, or is likely to materially distort, the economic behaviour of the average consumer.

What are my consumer rights? ›

Satisfactory quality: The product shouldn't be damaged or faulty when you receive it. Fit for purpose: You should be able to use it for what the seller says it will do (its purpose), whether that's their statement when you buy it, or an answer to your question.

The Truth in Lending Act ensures that creditors provide complete and honest information. The Fair Credit Reporting Act regulates credit reports. The Equal Credit Opportunity Act prevents creditors from discriminating against individuals. The Fair Debt Collection Practices Act established rules for debt collectors.

Pre-consummation or account opening waiting period.

A creditor must furnish § 1026.32 disclosures at least three business days prior to consummation for a closed-end, high-cost mortgage and at least three business days prior to account opening for an open-end, high-cost mortgage.

The 7-in-7 rule explained

Collectors are permitted to place a call to the consumer about a particular debt seven (7) times within a period of seven (7) consecutive days, so long as no contact is made with the consumer in any of the attempts.

Section 1033, part of Dodd-Frank, gives consumers the right to access and share their financial data. Section 1033 requires financial services providers to make available to consumers – and representatives acting on their behalf – certain information in those providers' control.

The CFPB supervises a range of companies to assess their compliance with federal consumer financial laws. We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

In July 2010, Congress passed and President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law – often referred to as the Dodd-Frank Act – created the Consumer Financial Protection Bureau (the CFPB).

Consumers must be given the right to “opt out” of, or prevent, a financial institution from disclosing nonpublic personal information about them to a nonaffiliated third party unless an exception to that right applies.

The Act (Title VI of the Consumer Credit Protection Act) protects information collected by consumer reporting agencies such as credit bureaus, medical information companies and tenant screening services. Information in a consumer report cannot be provided to anyone who does not have a purpose specified in the Act.