Which entity is responsible for overseeing compliance with the RESPA?

The correct choice is the Consumer Financial Protection Bureau (CFPB). The CFPB was established in response to the financial crisis to protect consumers in the financial sector, and it has specific authority over the Real Estate Settlement Procedures Act (RESPA). This includes ensuring that the regulations under RESPA are followed and that consumers receive transparent and fair treatment in the real estate settlement process.

The CFPB's responsibilities include enforcing RESPA's requirements, educating consumers about their rights, and monitoring compliance among mortgage lenders and service providers. They also handle complaints related to RESPA violations, empowering consumers and promoting accountability in the industry.

While the Department of Housing and Urban Development (HUD) was historically involved in enforcement and oversight of RESPA, the authority has largely transitioned to the CFPB, which has a more focused mandate on consumer protection. The Federal Reserve focuses primarily on monetary policy and regulating banking institutions, rather than specific real estate settlement practices. The Department of Justice (DOJ) deals with broader legal enforcement issues, including potential violations of federal law but does not specifically oversee compliance with RESPA.