Final answer:
The acronym CFPB stands for the Consumer Financial Protection Bureau, so the correct answer is false. The CFPB was created to protect consumers from financial industry abuses and has been a focal point of political debate regarding government regulation of the economy.
Step-by-step explanation:
The initials CFPB stand for Consumer Financial Protection Bureau, not Consumer Financial Profit Bureau. The statement in the question is false. The CFPB was established in 2011 to oversee financial industries and protect consumers from abusive practices. It has been a subject of significant political debate, with Republicans and Democrats having differing views on the scope and control of the bureau, especially in response to the recession.
The CFPB's role has evolved, with its mandate and powers expanding or contracting depending on the prevailing political administration. Figures such as Elizabeth Warren and Richard Cordray have been key in the bureau's history, symbolizing the effort to regulate the financial sector more strictly.