agency of the United States government responsible for consumer protection in the financial sector From Wikipedia, the free encyclopedia
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 CFPB is headed by a chief who is appointed by the President for a five-year term. The bureau is also assisted by a Consumer Advisory Council, which is composed of at least six members who are recommended by regional Federal Reserve presidents.
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.[2]
The Supreme Court of the United State (SCOTUS), in a 5-to-4 decision, ruled June 29, 2020, that the structure of the CFPB violates the separation-of-powers clause of the constitution since the bill directed that the CFPB director could be removed by the president only for "cause," defined as "inefficiency, neglect of duty, or malfeasance in office.
| No. | Portrait | Name | State of residence | Took office | Left office | Tenure | Presidents | |
|---|---|---|---|---|---|---|---|---|
| – |  |
Elizabeth Warren | Massachusetts | September 17, 2010 | August 1, 2011 | 318 days | Barack Obama | |
| – | Raj Date | District of Columbia | August 1, 2011 | January 4, 2012 | 156 days | |||
| 1 | .jpg) |
Richard Cordray | Ohio | January 4, 2012 | November 24, 2017[3] | 5 years, 16 days | ||
| 308 days (5 years, 324 days total) |
Donald Trump | |||||||
| – | .jpg) |
Mick Mulvaney | South Carolina | November 25, 2017 | December 10, 2018 | 1 year, 15 days | ||
| 2 | .jpg) |
Kathy Kraninger | Ohio | December 11, 2018 | January 20, 2021[4] | 2 years, 40 days | ||
| – |
|
David Uejio | District of Columbia | January 20, 2021 | October 12, 2021 | 265 days | Joe Biden | |
| 3 | .jpg) |
Rohit Chopra | New Jersey | October 12, 2021 | 2 years, 359 days | |||
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