What is the federal Consumer Financial Protection Bureau?

The Consumer Financial Protection Bureau (CFPB) is a federal agency created to help protect consumers from unfair, deceptive, or abusive practices related to consumer financial products and services. The CFPB was established in 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act and is the first federal agency dedicated to protecting consumers in the financial marketplace. The CFPB has authority over banks, lenders, and other financial institutions and is responsible for writing and enforcing banking law in Oklahoma. The CFPB works to ensure that banks, lenders, and other financial institutions follow all consumer financial laws. This includes devising regulations that protect consumers from deceptive financial practices and holding lenders accountable for complying with laws. The CFPB also educates consumers on financial topics, investigates reports of consumer harm, and enforces penalties when violations of consumer financial laws occur. In addition to protecting consumers from deceptive practices, the CFPB seeks to make financial markets more transparent and efficient so that consumers have the knowledge and tools they need to make informed financial decisions. Through this work, the CFPB aims to increase access to quality financial services and products for all consumers in Oklahoma.

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What is the federal Consumer Financial Protection Bureau?

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