In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in response to the financial crisis that began in 2007. This legislation was the broadest sweeping reform made to financial regulation since the Great Depression. One of the most significant outcomes of the Dodd-Frank Act was the establishment of a new consumer protection agency – the Consumer Financial Protection Bureau (CFPB).
The CFPB supervises a range of companies to assess their compliance with federal consumer financial laws. The CFPB has supervisory authority over banks, thrifts and credit unions with assets greater than $10 billion. The Bureau also supervises over non-depository financial institutions such as mortgage originators and servicers, payday lenders, and private student loan institutions of all sizes. Finally, the CFPB supervises larger participants of other consumer financial markets such as consumer reporting, consumer debt collection, student loan servicing, international money transfer, and auto finance.