The Consumer Financial Protection Bureau (CFPB or Bureau) is the nation's first federal agency focused solely on consumer financial protection. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203) (July 21, 2010) (Dodd-Frank Act) created the CFPB to protect consumers and to encourage fair and competitive consumer financial markets. The Bureau's mission is to make consumer financial markets work for American consumers, honest businesses, and the economy as a whole. The Dodd-Frank Act requires the CFPB to: Ensure that consumers have timely and understandable information to make responsible decisions about financial transactions; Protect consumers from unfair, deceptive, or abusive acts and practices, and from discrimination; Identify and address outdated, unnecessary, or unduly burdensome regulations; Promote fair competition by consistent enforcement of the consumer protection laws in the Bureau's jurisdiction; and Ensure markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation. (See Dodd-Frank Act, Pub. L. No. 111-203, Sec. 1021(b)).