What is the Consumer Financial Protection Bureau?
The Consumer Financial Protection Bureau (CFPB) is a federal agency established in 2010 under the Dodd–Frank Wall Street Reform and Consumer Protection Act. Its mission is to protect consumers from unfair, deceptive, or abusive practices in the financial industry. The CFPB is responsible for writing and enforcing regulations for banks, lenders, and other financial institutions, as well as monitoring their compliance with consumer protection laws. The CFPB is also responsible for educating consumers on financial rights and providing resources for those facing financial hardships. The CFPB has the authority to take action against institutions that violate consumer protection laws. This includes levying fines or ordering restitution to consumers who have been harmed by financial institutions. Washington state has its own consumer protection laws, including the Washington Consumer Loan Protection Act. The CFPB works with state governments to help ensure that state laws are followed and that financial institutions are providing fair and equitable services to their customers. The CFPB helps consumers in Washington by providing resources on how to manage their finances, how to choose the right financial services, how to protect their rights, and how to raise concerns or lodge complaints against financial services providers. The CFPB plays an important role in protecting consumers from harm by ensuring that financial institutions are following the law and providing fair services to customers.
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