What is the primary function of the Consumer Financial Protection Bureau (CFPB)?

The primary function of the Consumer Financial Protection Bureau (CFPB) is to oversee and enforce consumer protection laws in the financial sector. The CFPB was established to ensure that consumers are treated fairly by financial institutions, and to provide them with the information necessary to make informed financial decisions. This involves monitoring and regulating various financial products and services, facilitating transparency, and addressing complaints from consumers regarding such products and services.

By focusing on consumer protection, the CFPB aims to promote competition in the financial markets and safeguard consumers from unfair, deceptive, or abusive practices. This mission aligns with the Bureau's broader goal of fostering a fair and transparent marketplace where consumers can access reliable financial services without falling prey to malpractices.