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

The primary purpose of the Consumer Financial Protection Bureau (CFPB) is to educate consumers about their financial rights and responsibilities, as well as various financial products and services available to them. This agency was established to promote understanding of financial issues among consumers and to ensure they have access to clear, accurate information that can help them make informed decisions. By focusing on consumer education, the CFPB aims to empower individuals to manage their finances better, avoid potential pitfalls, and understand their rights in the financial marketplace.

Additionally, the agency works to enforce consumer protection laws and prevent unfair, deceptive, or abusive practices by financial institutions. This educational component is essential in fostering a more informed public that can navigate the complexities of finance, loans, mortgages, credit cards, and other financial products, thus contributing to overall financial stability.