The Consumer Financial Protection Bureau, or CFPB, was created to enforce various consumer finance laws like the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Home Mortgage Disclosure Act of 1975, and Truth in Lending Act. The CFPB has broad authority and it is getting broader. The Bureau says it can regulate any “covered person” that offers or provides a consumer financial product or service. This flow chart, created by Stinson’s Zane Gilmer, will help you determine whether you or your business is a “covered person” and can be regulated by the CFPB.
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