Which of the following best describes the purpose of the Consumer Financial Protection Bureau?

The purpose of the Consumer Financial Protection Bureau (CFPB) is primarily to protect consumers in the financial sector. Established in response to the financial crisis of 2007-2008, the CFPB aims to ensure that consumers are treated fairly by banks, lenders, and other financial institutions. It does this by enforcing federal consumer financial laws, conducting research, and providing education and resources to help consumers make informed financial decisions.

The CFPB also monitors financial products and services to ensure that they are transparent and fair, aiming to prevent practices that could harm consumers. This focus on consumer protection directly correlates to the mission of the bureau, making this option the most accurate representation of its purpose.