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The CFPB is an agency that protects "consumers from unfair, deceptive, or abusive practices and [takes] action against companies that break the law," according to the bureau's website. "We arm people with the information, steps, and tools they need to make smart financial decisions."
The bureau was created after Congress and President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the Dodd-Frank Act, in July 2010, according to its website.
Since it was created, the agency has provided over $21 billion in consumer relief in the form of monetary compensation, principal reductions, canceled debts and more for over 205 million consumers or consumer accounts
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| Jan 22, 2025; Washington, D.C., USA; Russell Vought appears before the Senate Budget Committee for a confirmation hearing and vote. President Donald Trump nominated Vought to lead the Office of Management and Budget. Photo by Jack Gruber for USA Today |
