Question

What is the purpose of the Consumer Financial Protection

Bureau?
It was set up to protect the banks from people who could not pay their debt.
It was set up to protect people against predatory lending practices.
It was set up to help people get high interest mortgages.

Answer 1

The purpose of the Consumer Financial Protection Bureau (CFPB) is to protect and empower consumers in the financial marketplace. Therefore, the correct statement is:

"It was set up to protect people against predatory lending practices."

The CFPB focuses on ensuring that financial institutions treat consumers fairly and transparently, preventing deceptive practices and promoting financial education. It is not established to protect banks from people who cannot pay their debts, nor is it designed to assist people in obtaining high-interest mortgages.