The CFPB's creation was authorized by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession.

[1] The bill would require the CFPB to enter each such application into a sortable, downloadable database publicly accessible through its website.

[1] The CFPB Rural Designation Petition and Correction Act was introduced into the United States House of Representatives on July 11, 2013 by Rep. Garland "Andy" Barr (R, KY-6).

[2] The National Association of Federal Credit Unions (NAFCU) supported the bill, arguing that the bill "would be helpful to small creditors, including credit unions, offering mortgages with balloon-payment features in underserved areas, because it would allow them to satisfy the rule’s 'ability to repay' requirements.

"[6] The Conference of State Bank Supervisors (CSBS) wrote a letter in support of the bill, arguing that "certain aspects of lending should not be regulated with a nationwide, broad brush approach, and must necessarily provide for local flexibility.