Institutions subject to CFPB supervisory authority | Consumer Financial Protection Bureau (2024)

FAQs

Institutions subject to CFPB supervisory authority | Consumer Financial Protection Bureau? ›

The CFPB supervises a range of companies to assess their compliance with federal consumer financial laws. We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

The CFPB has primary authority to enforce federal consumer financial laws for banks and other depository institutions with total assets of more than $10 billion, and their affiliates, which collectively hold more than 80 percent of the banking industry's assets.

If we can't send your complaint to the company for response, we'll send it to another federal agency and let you know. Consistent with applicable law, we share your complaint with certain state and federal agencies to, among other things, facilitate: supervision of companies, enforcement activities, and.

We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information, steps, and tools that they need to make smart financial decisions.

When a financial institution, individual, or other entity subject to the CFPB's authority breaks the law, the CFPB may take enforcement action against them. In certain cases, the CFPB may partner with other federal, state, or local agencies to investigate the wrongdoing and coordinate the enforcement action.

The CFPB supervises a range of companies to assess their compliance with federal consumer financial laws. We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

Supervision & Examination

The FDIC directly supervises and examines more than 5,000 banks and savings associations for operational safety and soundness. Banks can be chartered by the states or by the Office of the Comptroller of the Currency.

The complaints may be vague and unsupported but banks have to take them seriously, he said. If the CFPB decides to take an enforcement action based on complaints, legal costs for banks defending action can be tens of millions of dollars a month.

Every complaint helps us in our work to supervise companies, enforce federal consumer financial laws, and write better rules and regulations. You speaking up gives us important insight into the issues you face as a consumer, so thank you!

Bureau defines consumer complaints as “submissions that express dissatisfaction with, or communicate suspicion of wrongful conduct by, an identifiable entity related to a consumer's personal experience with a financial product or service.”

Is the CFPB necessary? ›

The CFPB helps ensure the financial market is a level playing field by cracking down on bad financial actors that engage in unfair, deceptive, abusive, and discriminatory practices that harm consumers.

The CFPB's creation was authorized by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession and is an independent bureau within the Federal Reserve.

The CFPB is a unit of the Federal Reserve System charged with protecting families and honest businesses from illegal practices by financial institutions, and ensuring that markets for consumer financial products and services are fair, transparent, and competitive.

The CFPB has unilateral authority to subject individual nonbank financial services companies to its supervisory authority. Congress expressly granted the CFPB supervisory authority over the thousands of nonbanks that offer residential mortgage loans, private education loans and payday loans.

The CFPB investigates potential violations of federal consumer financial laws by entities or individuals within its authority and initiates public enforcement actions when appropriate.

In July 2010, Congress passed and President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law – often referred to as the Dodd-Frank Act – created the Consumer Financial Protection Bureau (the CFPB).

The FTC's authority covers for-profit entities such as mortgage companies, mortgage brokers, creditors, and debt collectors – but not banks, savings and loan institutions, and federal credit unions.

There are three major types of depository institutions in the United States. They are commercial banks, thrifts (which include savings and loan associations and savings banks) and credit unions.

The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system.