When it comes to supervision and enforcement actions, the Consumer Financial Protection Bureau (CFPB) is not playing around. It takes its role seriously, and if you are not compliant with federal consumer protection laws, the bureau can make you pay — literally. One way the CFPB looks for violations is through consumer complaints.
When the CFPB opened its doors in July 2011, it became responsible for the rulemaking, implementation and enforcement of 19 federal consumer protection laws, including RESPA.
The Dodd-Frank Act, which created the CFPB, gave the agency broad investigatory and enforcement powers. The bureau can issue subpoenas, civil investigative demands and cease and desist orders. The agency can also commence its own civil actions.
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