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Consumer Financial Protection Bureau: Difference between revisions
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{{Organization | {{Organization | ||
|OrganizationName=Consumer Financial Protection Bureau | |OrganizationName=Consumer Financial Protection Bureau | ||
|OrganizationType=Independent Agencies | |OrganizationType=Independent Agencies | ||
|Mission=The Consumer Financial Protection Bureau works to make consumer financial markets work for consumers, responsible providers, and the economy as a whole. It aims to protect consumers from unfair, deceptive, or abusive practices and ensure they receive the information needed to make smart financial decisions. | |Mission=The Consumer Financial Protection Bureau works to make consumer financial markets work for consumers, responsible providers, and the economy as a whole. It aims to protect consumers from unfair, deceptive, or abusive practices and ensure they receive the information needed to make smart financial decisions. | ||
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| headquarters = [[Washington, D.C.]], U.S. | | headquarters = [[Washington, D.C.]], U.S. | ||
| employees = 1,591 (2021)<ref>{{cite web|url=https://files.consumerfinance.gov/f/documents/cfpb_financial-report_fy2021.pdf|publisher=Consumer Financial Protection Bureau|title=Financial report of the Consumer Financial Protection Bureau Fiscal year 2021|access-date=November 30, 2021}}</ref> | | employees = 1,591 (2021)<ref>{{cite web|url=https://files.consumerfinance.gov/f/documents/cfpb_financial-report_fy2021.pdf|publisher=Consumer Financial Protection Bureau|title=Financial report of the Consumer Financial Protection Bureau Fiscal year 2021|access-date=November 30, 2021}}</ref> | ||
| budget = | | budget = US$596 million (FY 2021) | ||
| chief1_name = [[Rohit Chopra]] | | chief1_name = [[Rohit Chopra]] | ||
| chief1_position = Director | | chief1_position = Director | ||
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[[File:Nomination of Richard Cordray.jpg|thumb|President [[Barack Obama]] announces the nomination of [[Richard Cordray]] as the first director of the CFPB on July 18, 2011.]] | [[File:Nomination of Richard Cordray.jpg|thumb|President [[Barack Obama]] announces the nomination of [[Richard Cordray]] as the first director of the CFPB on July 18, 2011.]] | ||
Elizabeth Warren, who proposed and established the CFPB, was removed from consideration as the bureau's first formal director after Obama administration officials became convinced Warren could not overcome strong [[Republican Party (United States)|Republican]] opposition.<ref>{{cite web|url=https://www.latimes.com/business/la-xpm-2011-sep-07-la-fi-consumer-bureau-cordray-20110907-story.html|title=GOP stalls confirmation of consumer agency nominee|date=September 7, 2011|author=Puzzanghera, Jim|work= | Elizabeth Warren, who proposed and established the CFPB, was removed from consideration as the bureau's first formal director after Obama administration officials became convinced Warren could not overcome strong [[Republican Party (United States)|Republican]] opposition.<ref>{{cite web|url=https://www.latimes.com/business/la-xpm-2011-sep-07-la-fi-consumer-bureau-cordray-20110907-story.html|title=GOP stalls confirmation of consumer agency nominee|date=September 7, 2011|author=Puzzanghera, Jim|work=Los Angeles Times}}</ref> On July 17, President Obama nominated former [[Ohio Attorney General]] and [[Ohio State Treasurer]] [[Richard Cordray]] to be the first formal director of the CFPB.<ref>{{cite web|url=https://www.nytimes.com/2011/07/18/business/former-ohio-attorney-general-picked-to-lead-consumer-agency.html|title=Former Ohio Attorney General Picked to Lead Consumer Agency|access-date=July 17, 2011|date=July 17, 2011|work=The New York Times|author=Appelbaum, Binyamin}}</ref> Prior to his nomination, Cordray had been hired as chief of enforcement for the agency.<ref>Bennett D, Dougherty C. (2011). [https://www.bloomberg.com/news/2011-07-07/elizabeth-warren-s-dream-becomes-a-consumer-bureau-she-may-never-lead.html Elizabeth Warren's Dream Becomes a Real Agency She May Never Get to Lead]. ''Bloomberg''.</ref> | ||
However, Cordray's nomination was immediately in jeopardy due to 44 [[United States Senate|Senate]] Republicans vowing to derail any nominee in order to encourage a decentralized structure of the organization. Senate Republicans had also shown a pattern of refusing to consider regulatory agency nominees.<ref>{{cite web|url=https://www.nytimes.com/2011/07/19/business/dodd-frank-under-fire-a-year-later.html|title=Dodd–Frank Under Fire a Year Later|access-date=July 22, 2011|date=July 18, 2011|work=The New York Times|author=Wyatt, Edward}}</ref><ref>{{cite web |author=Epstein, Reid J. |date=July 21, 2011 |title=Richard Shelby: Richard Cordray is DOA |url=http://www.politico.com/news/stories/0711/59545.html |access-date=July 22, 2011 |work=[[Politico (newspaper)|Politico]]}}</ref> | However, Cordray's nomination was immediately in jeopardy due to 44 [[United States Senate|Senate]] Republicans vowing to derail any nominee in order to encourage a decentralized structure of the organization. Senate Republicans had also shown a pattern of refusing to consider regulatory agency nominees.<ref>{{cite web|url=https://www.nytimes.com/2011/07/19/business/dodd-frank-under-fire-a-year-later.html|title=Dodd–Frank Under Fire a Year Later|access-date=July 22, 2011|date=July 18, 2011|work=The New York Times|author=Wyatt, Edward}}</ref><ref>{{cite web |author=Epstein, Reid J. |date=July 21, 2011 |title=Richard Shelby: Richard Cordray is DOA |url=http://www.politico.com/news/stories/0711/59545.html |access-date=July 22, 2011 |work=[[Politico (newspaper)|Politico]]}}</ref> | ||