What You Need to Know About the CFPB

The U.S. Consumer Financial Protection Bureau, a partisan fault line since its inception, now has a legal battle on its hands. The agency’s just-departed director, Richard Cordray, tapped a deputy to succeed him on an acting basis. President Donald Trump, who’s made clear his distaste for the bureau, named his budget director, Mick Mulvaney, to the interim job. Two heads may sometimes be better than one, but it’s a recipe for confusion when it comes to who’s calling the shots atop a government agency.

Created by the 2010 Dodd-Frank financial reform law, the bureau says it "makes sure banks, lenders and other financial companies treat you fairly." Its jurisdiction covers a wide variety of financial services marketed to everyday Americans, including mortgages, credit cards, student loans and payday loans. The bureau has more than 1,600 employees, an operating budget of almost $770 million, and offices in Washington, New York, Chicago and San Francisco.