The Consumer Financial Protection Bureau: What Is It? And Why Do We Need to Know?

If a regulatory agency could be compared to a heavyweight boxer or a superhero, the Consumer Financial Protection Bureau (CFPB) has been perceived by proponents as a tough and scrappy champion, fighting for the average consumer. The Bureau's purpose is to protect consumers from unfair, deceptive, or abusive practices, and to take action against companies that break the law. It was created to ensure that "companies all play by the same consumer protection rules and compete fairly on providing…