The agency is called Consumer Financial Protection Bureau ( CFPB ).
It is a federal agency<em> that protects consumers' finances.</em> It other words, it is responsible for consumer protection in the financial sector.
<em>It regulates credit, debit and prepaid cards and monitors consumer loans.</em> It oversees credit reporting, debt collection and financial advisory services. It also deals with mortgages, student loans and real estate transactions.
The CFPR was created in 2010 as a legislative response to the financial crises 2007-2008. It was authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
