The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. The Bureau’s purpose/goal is to make consumer financial markets work for the economy as a whole, while protecting the consumer from 
unfair, deceptive, or abusive practices.
The CFPB is currently led by director Richard Cordray, but that will soon change as Cordray announced he would be leaving the agency by the end of November, likely in a bid to be the next governor of Ohio.
President Trump lambasted the agency during his campaign run and Republican lawmakers have been combating the bureau since its inception, so there is tremendous interest as to who President Trump will be looking to nominate as a replacement of this agency.
There is concern about the nomination because of how important the CFPB was perceived in keeping the market fair for consumers.
Consumers have received $11.8 billion in relief from CFPB supervisory and enforcement actions since its conception in 2011 by the Obama Administration. They have received over 700,000 complaints in the consumer complaint database. They were also the lead agency in fining Wells Fargo $100 million for its practice of opening unauthorized deposit accounts and credit cards.
The bureau has also been trying to make their way into the mortgage industry, establishing the “Know Before You Owe” rule. This rule requires lenders to provide borrowers with a simple-to-understand set of details on their new mortgage so they can shop for the loan that is right for them and have been critical in shaping the loan process and disclosure landscape in the recent years.
