The Consumer Financial Protection Bureau

Power of the CFPB

Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 established the Consumer Financial Protection Bureau (CFPB) and authorizes it to supervise certain consumer financial services companies and large depository institutions and their affiliates for consumer protection purposes. The CFPB may bring administrative enforcement proceedings or civil actions in Federal district court. The Bureau can obtain “any appropriate legal or equitable relief with respect to a violation of Federal consumer financial law,” including, but not limited to:

  • Restitution
  • Rescission or Reformation of Contracts
  • Refund of money or return of real property
  • Disgorgement or compensation for unjust enrichment
  • Payment of damages or other monetary relief
  • Public notification regarding the violation
  • Limits on the activities or functions of the person against whom the action is brought
  • Civil monetary penalties (which can either go to victims or financial education)

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