Semi-Annual Report of the Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB or Bureau) presents this Semi-Annual Reportto the President, Congress, and the American people, in fulfillment of its statutory responsibilityand commitment to accountability and transparency. This report provides an update on the Bureau's mission, activities, accomplishments, and publications since the last Semi-AnnualReport, and provides additional information required by the Dodd-Frank Wall Street Reformand Consumer Protection Act (Dodd-Frank or Dodd-Frank Act).The Dodd-Frank Act created the Bureau as the nation's first federal agency with a mission offocusing solely on consumer financial protection and making consumer financial markets workfor American consumers, responsible businesses, and the economy as a whole. In the wake ofthe financial crisis of 2008-2010, the President and Congress recognized the need to addresswidespread failures in consumer protection and the rapid growth in irresponsible lendingpractices that preceded the crisis. To remedy these failures, the Dodd-Frank Act consolidatedmost Federal consumer financial protection authority in the Bureau. The Dodd-Frank Actcharged the Bureau with, among other things: - Ensuring that consumers have timely and understandable information to makeresponsible decisions about financial transactions;- Protecting consumers from unfair, deceptive, or abusive acts and practices, and fromdiscrimination;- Monitoring compliance with Federal consumer financial law and taking appropriateenforcement action to address violations;- Identifying and addressing outdated, unnecessary or unduly burdensome regulations;- Enforcing Federal consumer financial law consistently in order to promote faircompetition;- Ensuring that markets for consumer financial products and services operatetransparently and efficiently to facilitate access and innovation; and- Conducting financial education programs.The Bureau has continued its efforts to listen and respond to consumers and industry, to be aresource for the American consumer, and to develop into a great institution worthy of theresponsibility conferred on it by Congress