The Consumer Financial Protection Bureau recently released a report on its work to build the year-old agency from the ground up since last year’s passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The agency was created to increase government accountability by consolidating consumer financial protection authorities across seven different agencies into one. Its role consists of making rules more effective, enforcing those rules and encouraging consumers to take more control over their economic futures.
“From the very start, we have been committed to accountability and to actively engaging the public in the agency’s work,” said Elizabeth Warren, assistant to the president and special adviser to the treasury secretary on the CFPB. “This report highlights what we’ve done and what we will do to make markets work for American families.”
About 500 employees from other agencies were hired since last year, and the agency has undertaken initiatives to lay a solid foundation for the years ahead. Those initiatives include the Know Before You Owe project, the Card Act Conference, Proactive Public Engagement, 21st-Century Technology, Foundation of Cooperation and Nonbank Supervision.
The agency will release two additional reports this week relating to its consumer protection goals and meeting the congressional deadlines set by the Dodd-Frank Act.