Which agency is primarily responsible for enforcing consumer protection laws?

The Consumer Financial Protection Bureau (CFPB) is the primary agency tasked with enforcing consumer protection laws, particularly those related to financial products and services. Established in response to the financial crisis of 2007-2008, the CFPB was created to oversee and enforce regulations that ensure consumers are treated fairly by banks, lenders, and other financial institutions. This includes protecting consumers from unfair practices and informing them about their rights regarding credit cards, mortgages, and other financial products.

The importance of the CFPB lies in its dedicated focus on consumer welfare in financial markets, allowing it to implement rules, supervise financial entities, and engage in enforcement actions against violators of consumer law. This specialized role sets the CFPB apart from other agencies that might also engage in consumer-related issues but do not specifically focus on financial consumer protection.