[76], In October 2019, the Supreme Court announced it would review the constitutionality of the Bureau's structure in the case Seila Law v. Consumer Financial Protection Bureau considering the split decision of the lower courts. In July 2010, Congress passed the Dodd–Frank Wall Street Reform and Consumer Protection Act, during the 111th United States Congress in response to the late-2000s recession and financial crisis. [8] According to its web site, the CFPB's "central mission...is to make markets for consumer financial products and services work for Americans—whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products". [17] Republican threats of a filibuster to block the nomination in December 2011 led to Senate inaction. Because state commissioners are the main regulators, the CFPB is unlikely to assume a leadership role in retirement investment regulation without further legislation and possibly a US constitutional amendment transferring insurance lawmaking power to the federal government. Title X of the Dodd-Frank Act (aka: "Consumer Financial Protection Act of 2010"), created the Consumer Financial Protection Bureau ("CFPB" or "Bureau") as an independent agency within the Board of Governors of the Federal ReserveSystem ("Federal Reserve"). "That's one of the things we've been exploring and are interested in in terms of whether and what authority we have", bureau director Richard Cordray said in a January 2013 interview. Before, that responsibility was divided among several agencies. "[48], Regulatory implementation regarding mortgages is covered on the bureau website. [20] On July 17, President Obama nominated former Ohio Attorney General and Ohio State Treasurer Richard Cordray to be the first formal director of the CFPB. [39] Later the same day, however, President Donald Trump appointed the incumbent director of the Office of Management and Budget, Mick Mulvaney, as acting director, citing the authority of the Federal Vacancies Reform Act of 1998. The Bank will be known as a CFPB regulated bank. CFPB. The CFPB was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act and began … [19], Elizabeth Warren, who proposed and established the CFPB, was removed from consideration as the bureau's first formal director after Obama administration officials became convinced Warren could not overcome strong Republican opposition. It was officially created in July 2011, and currently has approximately 1,400 … 2017)", "Full DC Circuit upholds structure of Consumer Financial Protection Bureau", "Federal court rules consumer bureau structure unconstitutional", "State National Bank of Big Spring v. Mnuchin", "Justices to review constitutionality of CFPB structure", "Supreme Court Divided on Trump's Power to Fire Head of Consumer Bureau", "Supreme Court rules consumer bureau director can be fired at will", "Supreme Court leaves consumer regulator standing but backs president's ability to fire director", "CFPB Lacks Oversight and Accountability", U.S. House of Representatives Financial Services Committee, "U.S. Government Uses Race Test for $80 Million in Payments", https://www.consumerfinancemonitor.com/wp-content/uploads/sites/14/2017/11/CordrayHatch.pdf, "Trump signs bill blocking consumer bureau auto-lending measure", "Scaling back Dodd-Frank is just the beginning of Trump's run on deregulation", Holding the CFPB Accountable: Review Of The First Semi-Annual Report: Hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, Second Session, January 31, 2012, 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's Semi-annual Report to Congress: Hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Thirteenth Congress, First Session, April 23, 2013, Democracy Declined: The Failed Politics of Consumer Financial Protection, Federal Financial Institutions Examination Council, Office of the Comptroller of the Currency, Financial Institutions Regulatory and Interest Rate Control Act of 1978, Fair and Accurate Credit Transactions Act, Reserve Requirements for Depository Institutions (Reg D), Prohibition Against the Paying of Interest on Demand Deposits (Reg Q), Unfair or Deceptive Acts or Practices (Reg AA), Availability of Funds and Collection of Checks (Reg CC), History of central banking in the United States, Office of Federal Housing Enterprise Oversight, China–Japan–South Korea trilateral summit, Emergency Economic Stabilization Act of 2008, Term Asset-Backed Securities Loan Facility, American Recovery and Reinvestment Act of 2009, Fraud Enforcement and Recovery Act of 2009, Housing and Economic Recovery Act of 2008, National fiscal policy response to the Great Recession, List of banks acquired or bankrupted during the Great Recession, Effects of the Great Recession on museums, https://en.wikipedia.org/w/index.php?title=Consumer_Financial_Protection_Bureau&oldid=992147327, Financial regulatory authorities of the United States, Pages containing links to subscription-only content, Articles with unsourced statements from November 2017, Articles to be expanded from December 2013, All articles with specifically marked weasel-worded phrases, Articles with specifically marked weasel-worded phrases from July 2016, Creative Commons Attribution-ShareAlike License, Extensions of Credit by Federal Reserve Banks (Reg A), Limitations on Interbank Liabilities (Reg F), Privacy of Consumer Financial Information (Reg P), Transactions Between Member Banks and Their Affiliates (Reg W), This page was last edited on 3 December 2020, at 19:22. 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