The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 established the Consumer Financial Protection Bureau (CFPB) in July 2010. The CFPB's purpose is to supervise and enforce laws related to consumer financial products and services. Part of the CFPB's role is to create rules to better oversee certain consumer finance markets.
While the CFPB continually reviews current policies and drafts new rules aimed at protecting consumers, this alert highlights a few of CFPB's current and long-term initiatives for 2015 and 2016, specifically:
- arbitration agreements,
- overdraft programs,
- mortgage servicing, and
- the implementation of the Home Mortgage Disclosure Act.
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