What is the main purpose of the Consumer Financial Protection Bureau (CFPB)?

The main purpose of the Consumer Financial Protection Bureau (CFPB) is to protect consumers in financial transactions. Established in response to the financial crisis of 2007-2008, the CFPB was created to ensure that consumers have access to financial products and services that are fair, transparent, and competitive. It is tasked with enforcing federal consumer financial laws, providing education and resources for consumers, and addressing unfair, deceptive, or abusive practices in the financial system. This focus on consumer protection helps to empower individuals to make informed financial decisions and to navigate the complexities of financial products, including mortgages and loans.

The other options, while related to aspects of the financial industry, do not capture the core mission of the CFPB. The organization does not manage investments in the mortgage market, oversee the insurance of savings accounts, or regulate interest rates for loans directly. Instead, its primary focus remains on consumer protection and ensuring that consumers are treated fairly by financial institutions.