What is the Consumer Financial Protection Bureau?

The Consumer Financial Protection Bureau (CFPB) is a federal agency that works to protect consumers from fraudulent or abusive financial practices. The mission of the CFPB is to “promote fairness and transparency for mortgages, credit cards, and other consumer financial products and services”. CFPB was created in response to the financial crisis of 2008. It works to protect consumers from predatory lending practices, protect their personal information, and enforce fair financing laws. The bureau also monitors financial institutions and makes sure they comply with laws such as the Equal Credit Opportunity Act, the Fair Credit Reporting Act, and the Truth in Lending Act. In Oklahoma, the CFPB works with the Department of Consumer Credit (DCC) to ensure that state-level financial protections are enforced. The DCC is the state regulatory agency that oversees lenders and enforces consumer protection laws such as debt collection, debt counseling, and payday lending. The CFPB and the DCC also work together to investigate and take action against lending institutions that violate state or federal consumer protection laws. The CFPB also offers resources and assistance for consumers in Oklahoma. The consumer complaint database allows consumers to file consumer complaints against financial products and services, and the financial education resources provide financial literacy materials and resources to help consumers make informed financial decisions. Lastly, the CFPB’s enforcement actions help ensure that financial institutions and service providers comply with the law and are held accountable for any violations.

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What is the Consumer Financial Protection Bureau?

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