The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. Its jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, and other financial companies operating in the United States.
In the credit card market, the CFPB is the primary enforcer of the CARD Act of 2009 and maintains the standard for disclosure, transparency, and fair practice.
Key Regulatory Areas
- Interest Rate Transparency: Ensuring margin changes and index adjustments follow legal standards.
- Fee Oversight: Regulating late fees, over-the-limit fees, and “junk fees.”
- Disclosure Standards: Maintaining the “Schumer Box” requirements for clear consumer communication.