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.

References[change | change source]

  1. Eaglesham, Jean (February 9, 2011). "Warning Shot On Financial Protection". The Wall Street Journal. Retrieved February 10, 2011.