Final answer:
The Consumer Financial Protection Bureau (CFPB) is both a government agency designed to help financial consumers and one that ensures their protection. Established after the financial crisis, it oversees industries prone to abusive practices and enforces consumer protection in the financial sector. Political views on the CFPB's role vary, influencing its regulatory activities. The correct option is B. It is a government agency designed to help financial consumers.
Step-by-step explanation:
The Consumer Financial Protection Bureau (CFPB) is best described as option B: a government agency designed to help financial consumers, and option C: a government agency that makes sure financial consumers are protected. Established in 2011 in response to the financial crisis, the CFPB's primary role is to oversee financial industries that have been prone to abusive practices, such as sub-prime mortgage lenders and payday lenders. The agency's creation signified a bipartisan initiative to provide a regulatory entity focused on ensuring that banks comply with consumer protection laws, including prohibitions against discrimination and requirements for transparent loan disclosures.
The political perspectives of the CFPB differ, with some Republicans viewing it as an unnecessary expansion of federal bureaucracy, while many Democrats see it as an essential regulatory body maintaining order in the financial sector. Political shifts over the years have resulted in changes to the intensity and scope of the bureau's activities, with increased regulatory efforts during Democratic administrations and attempts to constrain the bureau during Republican administrations.
The correct option is B. It is a government agency designed to help financial consumers.