Which federal agency oversees the regulation of the mortgage industry?

The Consumer Financial Protection Bureau (CFPB) is the federal agency tasked with overseeing and regulating the mortgage industry. Established in response to the 2008 financial crisis, the CFPB was designed to ensure that consumers are treated fairly in the financial sector, particularly in mortgages and other lending practices. This agency has the authority to create and enforce rules that govern how lenders operate, ensuring transparency and accountability.

The CFPB focuses on protecting consumers from unfair, deceptive, or abusive acts or practices and has the power to supervise mortgage lenders and servicers, enforce federal consumer financial laws, and educate consumers about financial products and services. This comprehensive oversight helps maintain a stable and fair mortgage market.

Other agencies mentioned have specific roles that do not focus solely on consumer protection in the mortgage industry. The Federal Housing Administration (FHA) primarily insures loans to encourage home financing, while the Office of the Comptroller of the Currency (OCC) supervises and regulates national banks and federal savings associations without direct oversight of mortgage regulations. The Federal Reserve System deals with monetary policy and overall economic stability rather than direct regulation of mortgage lending practices.