The information on this website is presented as a service for our clients and Internet users and is not intended to be legal advice, nor should you consider it as such. Although we welcome your inquiries, please keep in mind that merely contacting us will not establish an attorney-client relationship between us. Consequently, you should not convey any confidential information to us until a formal attorney-client relationship has been established. Please remember that electronic correspondence on the internet is not secure and that you should not include sensitive or confidential information in messages. With that in mind, we look forward to hearing from you.

Skip to Content

A New Cop on the Beat: The Consumer Financial Protection Bureau Goes to Work

With parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 going into effect yesterday, the federal government’s new Consumer Financial Protection Bureau ("CFPB" or "Bureau") is now officially on the job.

The CFPB’s self-described role is to be "a cop on the beat to enforce the laws on credit cards, mortgages, student loans, prepaid cards, and other kinds of financial products and services." Although the scope of the CFPB’s authority is still a contentious issue in Congress, the CFPB is expected to wield fairly broad consumer-protection authority previously held by seven other federal agencies, including:

  1. The Federal Reserve Board;
  2. The Federal Deposit Insurance Corporation;
  3. The Office of the Comptroller of the Currency;
  4. The Office of Thrift Supervision;
  5. The National Credit Union Administration;
  6. The Federal Trade Commission; and
  7. The Department of Housing and Urban Development.

The CFPB published yesterday in the Federal Register a final list of the various federal rules and orders for which it will have enforcement authority. See Identification of Enforceable Rules and Orders, 76 Fed. Reg. 43,569 (July 21, 2011), available at http://1.usa.gov/olh1N0. Of particular note for the real estate industry is the fact that the CFPB will assume certain enforcement responsibilities for the Real Estate Settlement Procedures Act ("RESPA"), the Truth in Lending Act ("TILA"), and the Interstate Land Sales Full Disclosure Act ("ILSA"). 

Earlier this week, the CFPB issued an initial progress report, which describes the CFPB’s implementation activities over the past year and provides a general overview of the agency’s statutory charge and objectives. See CFPB, "Building the CFPB" (July 18, 2011), available at http://1.usa.gov/n8pv5A (links to pdf). 

The CFPB has incorporated the use of Web 2.0 technologies, including social media, directly into its consumer-outreach mission and plan. You can stay informed about developments relating to the CFPB’s outreach and enforcement activities by visiting, subscribing to, following, liking, or watching CFPB news and updates through any of the following services: 

Related Practices
Real Property Litigation
©2024 Carlton Fields, P.A. Carlton Fields practices law in California through Carlton Fields, LLP. Carlton Fields publications should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information and educational purposes only, and should not be relied on as if it were advice about a particular fact situation. The distribution of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship with Carlton Fields. This publication may not be quoted or referred to in any other publication or proceeding without the prior written consent of the firm, to be given or withheld at our discretion. To request reprint permission for any of our publications, please use our Contact Us form via the link below. The views set forth herein are the personal views of the author and do not necessarily reflect those of the firm. This site may contain hypertext links to information created and maintained by other entities. Carlton Fields does not control or guarantee the accuracy or completeness of this outside information, nor is the inclusion of a link to be intended as an endorsement of those outside sites.