CFPB & FTC Pledge to Work Together to Protect Consumers

The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) have signed an agreement to coordinate efforts to protect consumers and avoid duplication of federal law enforcement and regulatory efforts. 

“Entering this agreement with the FTC is important to making sure markets for consumer financial products are getting efficient and effective federal government oversight,” said Richard Cordray, Director of the CFPB. “We are both motivated by the same thing: To do right by consumers. We look forward to this partnership.”

“The FTC has always been committed to protecting consumers and legitimate companies from bad actors in the financial marketplace,” said Jon Leibowitz, Chairman of the FTC. “Now we have another cop on the beat, and this agreement ensures that businesses will not be double-teamed by the two agencies.”

The two agencies signed a Memorandum of Understanding. It is available here. 

The CFPB and the FTC share responsibilities for protecting Americans as they shop for consumer financial products and services. With the launch of the CFPB on July 21, 2011, federal government protection of consumers increased significantly.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, requires the CFPB and the FTC to work together to coordinate their enforcement activities and promote consistent regulatory treatment of consumer financial products and services. Read more.