The CFPB, established under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, is charged with writing, implementing, and enforcing federal financial law. It’s our country’s first federal financial regulator who’s sole responsibility is to protect consumers from unfair and dangerous financial practices and products. However, while the CFPB officially opened it’s doors in July of 2011, it has been without a Director and thus unable to carry out all of it’s duties.
With Richard Cordray as its first Director, the CFPB will now have the full authority necessary to investigate and examine financial institutions, payday lenders, private student lenders, credit bureaus, mortgage companies and other financial firms.
On his first day as Director, Richard Cordray is asking consumers to tell their story:
There are countless community members across the state that have faced unfair, abusive, practices by some financial insitituions. We encourage you to tell your story on the CFPB Website.