Which entity, created under the Dodd-Frank Act, is responsible for consumer protection?

The Consumer Financial Protection Bureau (CFPB) is the correct answer because it was specifically established under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in response to the financial crisis of 2007-2008. The CFPB's primary role is to oversee and enforce consumer protection laws in the financial sector, ensuring that consumers are treated fairly and transparently by financial institutions.

The bureau has the authority to regulate various financial products and services, including mortgages, credit cards, and other lending practices, making it a central authority in safeguarding consumer interests. Its mission encompasses educating consumers about their rights, conducting research to better understand consumer behavior, and monitoring financial markets to prevent deceptive practices.

Other entities mentioned, like the Federal Reserve Board, the Government National Mortgage Association, and the Federal Housing Finance Agency, each have distinct roles in the financial and housing markets but do not primarily focus on consumer protection in the way that CFPB does. The Federal Reserve, for instance, is more focused on monetary policy and economic stability, while the Government National Mortgage Association and the Federal Housing Finance Agency are involved in housing finance regulation and support, rather than direct consumer protection.