Which act established the Consumer Financial Protection Bureau?

The Dodd-Frank Act established the Consumer Financial Protection Bureau (CFPB) in response to the financial crisis of 2007-2008. One of the primary goals of the CFPB is to enhance consumer protection in the financial sector, ensuring that consumers have adequate information about financial products and services to make informed decisions. The creation of the CFPB aimed to address issues such as predatory lending, lack of transparency, and to regulate the practices within the financial industry—particularly those that impact consumers directly.

The other acts listed do not pertain to the establishment of the CFPB. The Housing and Economic Recovery Act focuses primarily on housing finance reform, particularly concerning government-sponsored enterprises like Fannie Mae and Freddie Mac. The Truth in Lending Act primarily aims to promote the informed use of consumer credit by requiring disclosures about its terms and cost, rather than establishing a bureau. The Real Estate Settlement Procedures Act addresses issues related to the disclosure of settlement costs in real estate transactions, but does not create an agency such as the CFPB.