Consumer Financial Protection Bureau

Consumer Financial Protection Bureau

Agency overview
Formed	July 21, 2011; 13 years ago (2011-07-21).
Jurisdiction	United States
Headquarters	Washington, D.C., U.S. 38°53′53″N 77°02′26″W / 38.898091°N 77.040591°W / 38.898091; -77.040591
Employees	1,591 (2021)[1]
Annual budget	US$596 million (FY 2021)
Agency executive	Rohit Chopra, Director
Parent agency	Federal Reserve
Key document	Dodd–Frank Wall Street Reform and Consumer Protection Act
Website	www.consumerfinance.gov

The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, for-profit colleges, and other financial companies operating in the United States. Since its founding, the CFPB has used technology tools to monitor how financial entities used social media and algorithms to target consumers.^[2]

The CFPB's creation was authorized 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 subsequent Great Recession^[3] and is an independent bureau within the Federal Reserve.^[4] The CFPB's status as an independent agency has been subject to many challenges in court. In June 2020, the United States Supreme Court ruled that the president can remove the director without cause but allowed the agency to remain in operation. The Bureau is one of the agencies that Project 2025 advocates that Congress should cut.^[5]