The Bureau shall seek to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive.
12 U.S. Code § 5511 - Purpose, objectives, and functions
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(b) ObjectivesThe Bureau is authorized to exercise its authorities under Federal consumer financial law for the purposes of ensuring that, with respect to consumer financial products and services—
consumers are provided with timely and understandable information to make responsible decisions about financial transactions;
consumers are protected from unfair, deceptive, or abusive acts and practices and from discrimination;
outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens;
markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation.
(c) FunctionsThe primary functions of the Bureau are—
collecting, investigating, and responding to consumer complaints;
issuing rules, orders, and guidance implementing Federal consumer financial law; and
performing such support activities as may be necessary or useful to facilitate the other functions of the Bureau.
“This subtitle [subtitle B (§§ 1021–1029A), enacting this part] shall become effective on the designated transfer date, except that sections 1022, 1024, and 1025(e) [12 U.S.C. 5512, 5514, and 5515(e)] shall become effective on the date of enactment of this Act [July 21, 2010].”
- Bank and Savings Association Holding Company and Depository Institution Regulatory Improvements Act of 2010