Final answer:
The Consumer Financial Protection Bureau (CFPB) is funded by the Federal Reserve. It was established to protect consumers by supervising and regulating financial activities and services in the United States.
Step-by-step explanation:
The Consumer Financial Protection Bureau (CFPB) is an agency that was created in 2011 to oversee financial industries with a history of abusive practices. The CFPB is responsible for ensuring consumer protection in the financial sector, and this includes supervising banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, and other financial companies operating in the United States.
The funding for the CFPB comes from the Federal Reserve, which aligns with the CFPB's mission of maintaining consumer protection within the financial marketplace. This funding mechanism allows the CFPB a level of independence, as it doesn't rely on appropriations from Congress.
As for bank supervision through government programs, agencies such as the Office of the Comptroller of the Currency (OCC) supervises national banks, while the Federal Reserve supervises bank holding companies. Other financial agencies include the FDIC, which insures bank deposits and supervises financial institutions for safety and soundness, and the NCUA, which provides similar services for credit unions.