Consumer Financial Protection Bureau
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, 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.: 531–532, 537
| Agency overview | |
|---|---|
| Formed | July 21, 2011. |
| Jurisdiction | United States |
| Headquarters | Washington, D.C., U.S. 38.898091°N 77.040591°W |
| Employees | 1,591 (2021) |
| Annual budget | US$596 million (FY 2021) |
| Agency executive |
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| Parent agency | Federal Reserve |
| Key document | |
| Website | www |
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 and is an independent bureau within the Federal Reserve. The CFPB's status as an independent agency has been subject to many challenges in court. In June 2020, the United States Supreme Court found the single-director structure removable only with-cause unconstitutional but allowed the agency to remain in operation.