{
  "id": "R42615",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "R42615",
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  "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department",
  "versions": [
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      "source": "EveryCRSReport.com",
      "id": 411561,
      "date": "2012-08-29",
      "retrieved": "2016-04-06T23:57:48.838494",
      "title": "A Brief Overview of Actions Taken by the Consumer Financial Protection Bureau (CFPB) in Its First Year",
      "summary": "The Consumer Financial Protection Bureau (CFPB), which formally started operating on July 21, 2011, was established by Title X of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act (P.L. 111-203, the Dodd-Frank Act). The creation of the CFPB consolidates many existing consumer financial protection responsibilities into one agency. The Dodd-Frank Act states that the purpose of the CFPB is to implement and enforce federal consumer financial law while ensuring that consumers can access financial products and services. The CFPB is also instructed to ensure that the markets for consumer financial services and products are fair, transparent, and competitive. To fulfill its mandate, the CFPB can issue rules, examine certain institutions, and enforce consumer protection laws and regulations. \nMultiple proposals have been introduced in the 112th Congress to alter the structure of the CFPB. For example,\nH.R. 1315, which passed the House in July 2011, and S. 737 would establish a five-person commission to lead the bureau in place of a single director.\nH.R. 1355 would place the CFPB in the Department of the Treasury, modifying its current status as an independent bureau attached to the Fed.\nH.R. 1640 would repeal the requirement of an annual transfer to the CFPB of funds from the Fed and would subject the CFPB to the regular authorization, budget, and appropriations process.\nThis report describes the current structure of the CFPB, proposals to modify it, and major actions taken by the CFPB in its first year, such as its initiatives, rulemaking activities, and supervision and enforcement efforts. The CFPB\u2019s major initiatives include the \u201cKnow Before You Owe\u201d campaign to improve financial product disclosures, the collection of consumer complaints, and outreach to servicemembers, students, and older Americans to address their particular financial circumstances. \nMany of the CFPB\u2019s rulemaking activities have centered on the mortgage market, including the regulation of property appraisals and high-cost mortgages. The CFPB has stated its intention to propose rules imposing new standards on mortgage servicers and rules implementing the \u201cability to repay\u201d and \u201cqualified mortgage\u201d sections of the Dodd-Frank Act.\nAs part of its supervision and enforcement efforts, the CFPB started its Large Bank Supervision Program in July 2011 and its Nonbank Supervision Program in January 2012. The Dodd-Frank Act gave the CFPB the authority to enforce many of the federal financial consumer protection laws, primarily for large depository institutions (defined as holding assets of more than $10 billion) as well as certain nonbank institutions.",
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    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc98037/",
      "id": "R42615_2012Jul18",
      "date": "2012-07-18",
      "retrieved": "2012-08-21T08:46:06",
      "title": "A Brief Overview of Actions Taken by the Consumer Financial Protection Bureau (CFPB) in Its First Year",
      "summary": "This report looks at actions taken by the Consumer Financial Protection Bureau (CFPB) during its first year. The CFPB exists to implement and enforce federal consumer financial laws, ensure consumer access to financial products and services, and ensure that the markets for consumer financial services and products are fair, transparent, and competitive.",
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
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      "topics": [
        {
          "source": "LIV",
          "id": "Consumers",
          "name": "Consumers"
        },
        {
          "source": "LIV",
          "id": "Consumer protection",
          "name": "Consumer protection"
        }
      ]
    }
  ],
  "topics": [
    "Appropriations"
  ]
}