One of the most significant provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act was the creation of the Consumer Financial Protection Bureau (CFPB). Seven different federal agencies will transfer their power to regulate and enforce consumer protections to the CFPB on July 21, creating in their wake one of the most powerful entities in Washington. Although the full scope of those powers is being challenged by some Republican lawmakers, the current balance of political power means that the CFPB is likely to emerge relatively unscathed--at least until the next election cycle.
