Consumer Financial Protection Bureau

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB), pronounced /kənˈsjuːmər fɪˈnænʃəl prəˈtɛkʃən ˈbjʊəroʊ/, is a regulatory agency in the United States that ensures the fair treatment of consumers in the financial sector.

Etymology

The term "Consumer Financial Protection Bureau" is derived from its function. "Consumer" refers to individuals or households that use financial services, "Financial" pertains to matters related to money and finance, "Protection" signifies the agency's role in safeguarding consumers, and "Bureau" denotes a government department or agency.

Function

The CFPB is responsible for protecting consumers from unfair, deceptive, or abusive practices and taking action against companies that break the law. It also provides educational materials to help consumers make informed financial decisions.

Related Terms

• Financial Regulation: The supervision and oversight of financial institutions to ensure they adhere to legal and regulatory requirements.
• Consumer Protection: Laws and organizations designed to ensure the rights of consumers, as well as fair trade, competition, and accurate information in the marketplace.
• Federal Trade Commission: An independent agency of the United States government whose main goals are to enforce antitrust law and promote consumer protection.

See Also

• Dodd-Frank Wall Street Reform and Consumer Protection Act: A federal law that brought significant changes to financial regulation in the United States.
• Office of Fair Trading: A not-for-profit and non-ministerial government department of the United Kingdom that was responsible for protecting consumer interests throughout the UK.

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