The Bureau of Consumer Financial Protection, known as the Consumer Financial Protection Bureau (CFPB), was established on July 21, 2010 under Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act Public Law No. 111-203 (Dodd-Frank Act). The CFPB was established as an independent bureau within the Federal Reserve System. The Bureau is an Executive agency as defined in Section 105 of Title 5, United States Code.
Welcome to the Consumer Financial Protection Bureau's Your Money, Your Goals: A financial empowerment toolkit for social services programs! If you're reading this, you are probably a case manager, or you work with case managers. Finances affect nearly every aspect of life in the United States. But many people feel overwhelmed by their financial situations, and they don't know where to go for help. As a case manager, you're in a unique position to provide that help. Clients already know you and trust you, and in many cases, they're already sharing financial and other personal information with you. The financial stresses your clients face may interfere with their progress toward other goals, and providing financial empowerment information and tools is a natural extension of what you are already doing. What is "financial empowerment" and how is it different from financial education or financial literacy? Financial education is a strategy that provides people with financial knowledge, skills, and resources so they can get, manage, and use their money to achieve their goals. Financial education is about building an individual's knowledge, skills, and capacity to use resources and tools, including financial products and services. Financial education leads to financial literacy. Financial empowerment includes financial education and financial literacy, but it is focused both on building the ability of individuals to manage money and use financial services and on providing access to products that work for them. Financially empowered individuals are informed and skilled; they know where to get help with their financial challenges. This sense of empowerment can build confidence that they can effectively use their financial knowledge, skills, and resources to reach their goals. We designed this toolkit to help you help your clients become financially empowered consumers. This financial empowerment toolkit is different from a financial education curriculum. With a curriculum, you are generally expected to work through most or all of the material in the order presented to achieve a specific set of objectives. This toolkit is a collection of important financial empowerment information and tools you can access as needed based on the client's goals. In other words, the aim is not to cover all of the information and tools in the toolkit - it is to identify and use the information and tools that are best suited to help your clients reach their goals.
The Consumer Financial Protection Bureau (CFPB or Bureau) presents this Semi-Annual Report to the President, Congress, and the American people, in fulfillment of its statutory responsibility and commitment to accountability and transparency. This report provides an update on the Bureau's mission, activities, accomplishments, and publications since the last Semi-Annual Report, and provides additional information required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Dodd-Frank Act). The Dodd-Frank Act created the Bureau as the nation's first federal agency with a mission of focusing solely on consumer financial protection and making consumer financial markets work for American consumers, responsible businesses, and the economy as a whole. In the wake of the financial crisis of 2008-2010, the President and Congress recognized the need to address widespread failures in consumer protection and the rapid growth in irresponsible lending practices that preceded the crisis. To remedy these failures, the Dodd-Frank Act consolidated most Federal consumer financial protection authority in the Bureau. The Dodd-Frank Act charged the Bureau with, among other things: - Ensuring that consumers have timely and understandable information to make responsible decisions about financial transactions; - Protecting consumers from unfair, deceptive, or abusive acts and practices, and from discrimination; - Monitoring compliance with Federal consumer financial law and taking appropriate enforcement action to address violations; - Identifying and addressing outdated, unnecessary or unduly burdensome regulations; - Enforcing Federal consumer financial law consistently in order to promote fair competition; - Ensuring that markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation; and - Conducting financial education programs. The Bureau has continued its efforts to listen and respond to consumers and industry, to be a resource for the American consumer, and to develop into a great institution worthy of the responsibility conferred on it by Congress.
The Consumer Financial Protection Bureau (CFPB) is the Nation's only Federal agency whose sole focus is protecting consumers in the financial marketplace for products and services. When Congress created the Bureau through the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, it provided the CFPB with a number of tools to fulfill our mission to make those markets work for Americans. Over the past fiscal year we have continued to achieve specific and tangible results for consumers whether they are applying for a mortgage, borrowing for college, choosing a credit card, or using any number of other consumer financial products. During fiscal year 2014, CFPB enforcement actions resulted in almost $4 billion in penalties, redress and relief to consumers imposed against defendants who violated Federal consumer financial laws. For example, enforcement actions against several credit card companies provided relief of more than $1 billion to harmed consumers. The CFPB also ordered $2.6 billion in relief for consumers who were harmed by systemic misconduct by two mortgage servicers. Further, we assessed an additional $92.7 million in Civil Monetary Penalties to deter future occurrences of unfair, deceptive and abusive acts.
The semi-annual report of the Consumer Financial Protection Bureau : hearing before the Committee on Financial Services, U.S. House of Representatives, One Hundred Twelfth Congress, second session, September 20, 2012.
The Consumer Financial Protection Bureau is the nation's first federal agency focused solely on consumer financial protection. In fulfillment of its statutory responsibility and its commitment to accountability, the CFPB is pleased to present its inaugural Semi-Annual Report to the President and Congress. This report summarizes the CFPB's activities and accomplishments over the period from its launch on July 21 through December 31, 2011 and provides information required by the Dodd-Frank Act.
