The Consumer Financial Protection Bureau (CFPB) was established in 2010 under Dodd-Frank Wall Street Reform and Consumer Protection Act. It was commonly known as Dodd-frank during the time of inception. The idea came from Senator Elizabeth Warren who was a professor at Harvard Law at the same. The act was enacted by Congress and signed by then-President Obama. The Bureau is funded through the receipts from Fed and not appropriations. A statutory formula is applied when a request is made for the money transfers when applying for the funds to finance its operations. The core function of the bureau is to ensure there is the provision of a single point of accountability for enforcement of the federal consumer financial laws. It also protects the consumers in the prevailing marketplaces.
What departments Consumer Financial Protection Bureau employees work at?
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