The Consumer Financial Protection Bureau was created by which act?

The Consumer Financial Protection Bureau (CFPB) was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in response to the financial crisis of 2007-2008. This legislation aimed to promote financial stability and protect consumers in financial transactions.

The Dodd-Frank Act specifically aimed to improve accountability and transparency in the financial system, and the creation of the CFPB was a critical component of this goal. The bureau was designed to oversee and enforce consumer protection laws, ensuring that consumers have access to fair, transparent financial products and services. It focuses on areas such as mortgage lending, credit cards, and other financial services, making it an essential body in the enforcement of consumer rights in the financial sector.

In contrast, the other acts listed do not pertain directly to the establishment of the CFPB. The Federal Reserve Act primarily created the Federal Reserve System, which is the central banking system of the United States. The Federal Home Loan Bank Act provided for a system of banks to support home mortgage lending but is not involved in consumer protection. The National Housing Act aimed at promoting home ownership but was also not related to the creation of the CFPB. Thus, the Dodd-Frank Act is the only