<P> The CFPB's creation was authorized by the Dodd--Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007--08 and the subsequent Great Recession . The CFPB was established as an independent agency, but this status is being reviewed by the U.S. Court of Appeals . </P> <P> According to former Director Richard Cordray, the Bureau's priorities are mortgages, credit cards and student loans . The CFPB was designed to consolidate its employees and responsibilities from a number of other federal regulatory bodies, including the Federal Reserve, the Federal Trade Commission, the Federal Deposit Insurance Corporation, the National Credit Union Administration and even the Department of Housing and Urban Development . The bureau is an independent unit located inside and funded by the United States Federal Reserve, with interim affiliation with the U.S. Treasury Department . </P> <P> The CFPB writes and enforces rules for financial institutions, examines both bank and non-bank financial institutions, monitors and reports on markets, as well as collects and tracks consumer complaints . Furthermore, as required under Dodd--Frank and outlined in the 2013 CFPB--State Supervisory Coordination Framework, the CFPB works closely with state regulators in coordinating supervision and enforcement activities . </P> <P> The CFPB opened its website in early February 2011 to accept suggestions from consumers via YouTube, Twitter, and its own website interface . According to the United States Treasury Department, the bureau is tasked with the responsibility to "promote fairness and transparency for mortgages, credit cards, and other consumer financial products and services". According to its web site, the CFPB's "central mission...is to make markets for consumer financial products and services work for Americans--whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products". In 2016 alone most of the hundreds of thousands of consumer complaints about their financial services--including banks and credit card issuers--were received and compiled by CFPB and are publicly available on a federal government database . </P>

What is the role of the consumer financial protection bureau
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