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Financing Practice Question

What is the purpose of the Consumer Financial Protection Bureau (CFPB)?
A
To insure bank deposits
B
To protect consumers in the financial marketplace and enforce consumer financial laws
C
To set interest rates for mortgages
D
To provide mortgage insurance
Explanation

The CFPB was created by the Dodd-Frank Act to protect consumers in the financial marketplace. It enforces consumer financial laws, takes consumer complaints, promotes financial education, and oversees the mortgage, credit card, and other consumer financial markets.

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