Which entity is responsible for consumer protection according to the Dodd Frank Act?

The Consumer Financial Protection Bureau (CFPB) is the entity established under the Dodd-Frank Wall Street Reform and Consumer Protection Act specifically to oversee and enforce consumer protection laws in the financial sector. The CFPB was created to ensure that consumers in the United States are treated fairly by banks, lenders, and other financial institutions.

This agency focuses on a range of consumer financial products, such as mortgages, credit cards, and loans, empowering consumers with information and resources to make informed financial decisions. It has the authority to create rules, conduct research, and monitor financial markets to protect consumers against unfair, deceptive, or abusive acts.

While other entities, such as the Securities and Exchange Commission (SEC), Department of Housing and Urban Development (HUD), and the Federal Reserve System, also play important roles in regulating financial markets and protecting consumers, their functions differ from those of the CFPB. For example, the SEC primarily regulates securities markets, HUD focuses on housing and urban development issues, and the Federal Reserve manages monetary policy and regulates banks. Therefore, the key consumer protection duties outlined in the Dodd-Frank Act specifically fall under the jurisdiction of the CFPB.