Consumer Protection Agency

Abstract Consumer protection agencies exist around the world and regionally to protect the interests of consumers. They are commonly established as the result of advocacy by consumer organizations and movements and are most generally designed to ensure that the rights of consumers are acknowledged and protected. The United States failed to create a Consumer Protection Agency in the 1970s. The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 established the Consumer Financial Protection Bureau ( CFPB ) in 2011. The CFPB consolidates most federal consumer financial protection authority in one place and is intended to protect people from unfair, deceptive, and abusive financial practices. There are also a series of regional networks devoted to consumer protection, and international agencies have taken up consumer protection more seriously since 2008.