What is the primary purpose of the CFPB?

The primary purpose of the Consumer Financial Protection Bureau (CFPB) is to protect consumers in the financial sector by enforcing federal consumer financial laws. This mission is rooted in ensuring that consumers have access to fair, transparent, and competitive financial products and services. The CFPB was established in response to the financial crisis of 2008, with a focus on preventing deceptive, unfair, and abusive practices that can harm consumers.

This involves a wide range of activities, including monitoring financial institutions, implementing regulations, and providing educational resources to help consumers make informed choices. By enforcing laws like the Truth in Lending Act and the Dodd-Frank Act, the CFPB helps to create a safer financial environment for individuals, ensuring they are treated fairly and their rights are protected.