The Bureau supervises covered institutions, brings enforcement actions for violations including unfair, deceptive, or abusive acts, and issues regulations implementing consumer financial statutes.
Its funding structure was upheld in CFSA v. CFPB.
Alternative Names:
CFPB|Bureau of Consumer Financial Protection
Why it Matters?
The abusiveness standard is broader than deception and unfairness, reaching practices that materially interfere with consumer understanding or take unreasonable advantage of a consumer's inability to protect their interests, which gives the Bureau reach beyond traditional UDAP theories. Consent orders also become templates plaintiffs cite in private litigation. Supervisory findings are confidential but enforcement actions are public and citable.
Frequently Confused with
Related terms
Frequently asked questions
What is the abusiveness standard?
How do consent orders affect private litigation?
