Which law created the Consumer Financial Protection Bureau?

The law that established the Consumer Financial Protection Bureau (CFPB) is the Dodd-Frank Act. This legislation was passed in response to the financial crisis of 2007-2008 and aimed to bring significant reforms to financial regulation in the United States.

The creation of the CFPB was a key component of the Dodd-Frank Act, designed to protect consumers in the financial sector by overseeing and regulating financial institutions to ensure that they operate fairly and transparently. The bureau has the authority to enforce federal consumer financial laws and to streamline information for consumers to help them make informed financial decisions.

Other options, while significant in their own right, do not pertain to the establishment of the CFPB. The Truth-In-Lending Act focuses on disclosure of credit terms to borrowers, the Fair Housing Act addresses discrimination in housing, and the Real Estate Settlement Procedures Act (RESPA) provides protections during the real estate settlement process. None of these legislations created the CFPB; instead, they serve other consumer protection purposes within the financial landscape.