Consumer Financial Protection Bureau

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President Barack Obama nominated Richard Cordray as the bureau's first director in 2011

The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government. It was established by President Barack Obama in 2011.

It is responsible for consumer protection in the financial sector. They work within banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and other financial companies operating in the United States.

The CFPB's creation was made 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 eventual Great Recession.[1] The CFPB was established as an independent agency, but this status is being reviewed by the U.S. Court of Appeals.

The first director of the CFPB was Ohio politician Richard Cordray who served from 2012 through 2017. The current Director is Kathleen Kraninger since December 11, 2018.

List of directors[change | change source]

Status

     Special advisor for the CFPB      Acting Director      

No. Portrait Name State of residence Took office Left office Days served Presidents
Elizabeth Warren Elizabeth Warren Massachusetts September 17, 2010 August 1, 2011 318 Barack Obama
Raj Date Washington, D.C. August 1, 2011 January 4, 2012 156
1 Richard Cordray Richard Cordray Ohio January 4, 2012 November 24, 2017[2] 1843
308
(2151 total)
Donald Trump
Mick Mulvaney Mick Mulvaney South Carolina November 25, 2017 December 10, 2018 380
2 Kathleen Kraninger Kathleen Kraninger Ohio December 11, 2018 Incumbent 311

References[change | change source]

  1. Eaglesham, Jean (February 9, 2011). "Warning Shot On Financial Protection". The Wall Street Journal. Retrieved February 10, 2011.
  2. Wattles, Jackie (November 24, 2017). "Richard Cordray resigns as head of Consumer Financial Protection Bureau". CNN Money.