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Aside from creating a lot of controversy, President Obama’s recess appointment of Richard Cordray as the first director of the Consumer Financial Protection Bureau (CFPB) left many people asking: What exactly is the CFPB and what does it do? In addition to bringing together under one roof the various rules, regulations and oversight authority that have historically been spread over multiple federal agencies and departments, the CFPB was created to educate consumers regarding financial matters and to extend federal oversight to non-bank entities that provide financial products or services to consumers.

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