• Created the CFPB as an independent bureau within the Federal Reserve

• CFPB can bring enforcement actions for unfairness and deception in addition to abusive acts and practices.

• CFPB becomes rule making authority for FCRA and FACTA. CFPB took this over from the FTC.

• CFPB,FTC, and State AGs enforce the FCRA and FACTA.

• Enforcement authority: CFPB

• Ability to conduct investigations and issue subpoenas

• Hold hearings and commence civil actions against offenders

• Violations:

• $5,526/day for federal consumer privacy law violations.

• $27,631/day for reckless violations.

• $1,105,241/day for knowing violations.

• State AG’s can also bring civil actions in enforcement of law or regulations