Factbox: What is the U.S. Consumer Financial Protection Bureau?(Reuters) - The U.S. Consumer Financial Protection Bureau (CFPB) has been thrown into disarray by a battle between the White House and Obama-era officials over who gets to run the federal watchdog on an interim basis after its director resigned.  Outgoing director Richard Cordray elevated an agency official to replace him on an interim basis. But Republican President Donald Trump then named his budget chief, Mick Mulvaney, as acting director until the president names a permanent successor who is confirmed by the Senate, which could take months. Here are some facts about the CFPB. The CFPB’s creation The CFPB was created in 2011 under Democratic former President Barack Obama in the aftermath of the 2008 financial crisis to look out for the interests of ordinary borrowers. Prior to the enactment of the Dodd Frank Act, which created the CFPB, consumer financial protection was spread across seven federal agencies. None of them prioritized the consumer, which critics said allowed predatory and deceptive mortgage practices to flourish, fueling the crisis. The agency’s duties The CFPB is the only federal agency focused exclusively on enforcing consumer financial laws. It is meant to ensure that all consumers have access to markets for consumer financial products and services and that such markets are fair, transparent and competitive. It was given the power to issue regulations and monitor a range of lenders from banks to non-bank firms that were previously unsupervised at the federal level including mortgage companies and payday lenders. It also has the power to discipline firms for misconduct. Since opening its doors, it has levied fines and dealt with more than a million consumer complaints relating to mortgages, credit cards, student loans, debt collection and other financial products.  The CFPB said it has provided $11.7 billion in relief for more than 27 million harmed customers. That figure includes debts that were canceled or reduced as well as compensation paid out by firms. Controversy over the agency The brainchild of Elizabeth Warren, now a leading liberal voice in the U.S. Senate, the agency draws strong support from Democrats and strong opposition from Republicans, who say it wields too much unchecked power. Republicans objected to a clause in the Dodd Frank law that the CFPB director could be fired only “for cause” and they foiled Obama’s first choice for CFPB director, Warren, who at the time was a Harvard professor. Obama then appointed Richard Cordray as director while Congress was in recess. Republicans have introduced legislation to put a commission in charge of the CFPB to weaken the power of its single director and have Congress decide its funding. Currently, the U.S. Federal Reserve funds the agency. A federal appeals court ruled in 2016 that the structure of the CFPB was unconstitutional because it gave too much power to its director. Other agency heads who answer to the president can be fired at will. The CFPB has appealed that ruling, which came after it was sued by mortgage servicer PHH Corp.(PHH.N) Wall Street accuses the agency of imposing overly burdensome regulations and large fines. The agency during the Trump administration The Republican-led Congress and White House have put a halt to rule-making by the CFPB. The Trump administration is focused on rolling back Obama-era financial rules. Trump this month signed a congressional resolution that lets banks, credit card companies and other financial firms block customers from filing class action lawsuits. The move killed a CFPB rule released in July. CFPB restrictions on payday lenders, also known as “small-dollar” lending, are seen as the potential next target for Republicans. The CFPB’s power now is concentrated on enforcement, but that power may also be blunted. politicsNews
factor what consumer financial protection bureau reuters the consumer financial protection bureau cfb thrown disarray battle white house officials gets run federal watchdog interim basis director resigned outgoing director richard portray elevated agency official replace interim basis but republican president donald trump named budget chief mick mulvaney acting director president names permanent successor confirmed senate could take months here facts cfb the cfb creation the cfb created democratic former president barack obama aftermath financial crisis look interests ordinary borrowers prior enactment odd frank act created cfb consumer financial protection spread across seven federal agencies none prioritized consumer critics said allowed predatory deceptive mortgage practices flourish fueling crisis the agency duties the cfb federal agency focused exclusively enforcing consumer financial laws it meant ensure consumers access markets consumer financial products services markets fair transparent competitive it given power issue regulations monitor range lenders banks firms previously unsupervised federal level including mortgage companies panda lenders it also power discipline firms misconduct since opening doors levied fines dealt million consumer complaints relating mortgages credit cards student loans debt collection financial products the cfb said provided billion relief million harmed customers that figure includes debts canceled reduced well compensation paid firms controversy agency the brainchild elizabeth warren leading liberal voice senate agency draws strong support democrats strong opposition republicans say wields much unchecked power republicans objected clause odd frank law cfb director could fired cause foiled obama first choice cfb director warren time harvard professor obama appointed richard portray director congress recess republicans introduced legislation put commission charge cfb weaken power single director congress decide funding currently federal reserve funds agency a federal appeals court ruled structure cfb unconstitutional gave much power director other agency heads answer president fired the cfb appealed ruling came sued mortgage service ph wall street accuses agency imposing overly burdensome regulations large fines the agency trump administration the congress white house put halt cfb the trump administration focused rolling back financial rules trump month signed congressional resolution lets banks credit card companies financial firms block customers filing class action lawsuits the move killed cfb rule released july cfb restrictions panda lenders also known lending seen potential next target republicans the cfb power concentrated enforcement power may also mounted politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Factbox: What is the U.S. Consumer Financial Protection Bureau?(Reuters) - The U.S. Consumer Financial Protection Bureau (CFPB) has been thrown into disarray by a battle between the White House and Obama-era officials over who gets to run the federal watchdog on an interim basis after its director resigned.  Outgoing director Richard Cordray elevated an agency official to replace him on an interim basis. But Republican President Donald Trump then named his budget chief, Mick Mulvaney, as acting director until the president names a permanent successor who is confirmed by the Senate, which could take months. Here are some facts about the CFPB. The CFPB’s creation The CFPB was created in 2011 under Democratic former President Barack Obama in the aftermath of the 2008 financial crisis to look out for the interests of ordinary borrowers. Prior to the enactment of the Dodd Frank Act, which created the CFPB, consumer financial protection was spread across seven federal agencies. None of them prioritized the consumer, which critics said allowed predatory and deceptive mortgage practices to flourish, fueling the crisis. The agency’s duties The CFPB is the only federal agency focused exclusively on enforcing consumer financial laws. It is meant to ensure that all consumers have access to markets for consumer financial products and services and that such markets are fair, transparent and competitive. It was given the power to issue regulations and monitor a range of lenders from banks to non-bank firms that were previously unsupervised at the federal level including mortgage companies and payday lenders. It also has the power to discipline firms for misconduct. Since opening its doors, it has levied fines and dealt with more than a million consumer complaints relating to mortgages, credit cards, student loans, debt collection and other financial products.  The CFPB said it has provided $11.7 billion in relief for more than 27 million harmed customers. That figure includes debts that were canceled or reduced as well as compensation paid out by firms. Controversy over the agency The brainchild of Elizabeth Warren, now a leading liberal voice in the U.S. Senate, the agency draws strong support from Democrats and strong opposition from Republicans, who say it wields too much unchecked power. Republicans objected to a clause in the Dodd Frank law that the CFPB director could be fired only “for cause” and they foiled Obama’s first choice for CFPB director, Warren, who at the time was a Harvard professor. Obama then appointed Richard Cordray as director while Congress was in recess. Republicans have introduced legislation to put a commission in charge of the CFPB to weaken the power of its single director and have Congress decide its funding. Currently, the U.S. Federal Reserve funds the agency. A federal appeals court ruled in 2016 that the structure of the CFPB was unconstitutional because it gave too much power to its director. Other agency heads who answer to the president can be fired at will. The CFPB has appealed that ruling, which came after it was sued by mortgage servicer PHH Corp.(PHH.N) Wall Street accuses the agency of imposing overly burdensome regulations and large fines. The agency during the Trump administration The Republican-led Congress and White House have put a halt to rule-making by the CFPB. The Trump administration is focused on rolling back Obama-era financial rules. Trump this month signed a congressional resolution that lets banks, credit card companies and other financial firms block customers from filing class action lawsuits. The move killed a CFPB rule released in July. CFPB restrictions on payday lenders, also known as “small-dollar” lending, are seen as the potential next target for Republicans. The CFPB’s power now is concentrated on enforcement, but that power may also be blunted. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: factor what consumer financial protection bureau reuters the consumer financial protection bureau cfb thrown disarray battle white house officials gets run federal watchdog interim basis director resigned outgoing director richard portray elevated agency official replace interim basis but republican president donald trump named budget chief mick mulvaney acting director president names permanent successor confirmed senate could take months here facts cfb the cfb creation the cfb created democratic former president barack obama aftermath financial crisis look interests ordinary borrowers prior enactment odd frank act created cfb consumer financial protection spread across seven federal agencies none prioritized consumer critics said allowed predatory deceptive mortgage practices flourish fueling crisis the agency duties the cfb federal agency focused exclusively enforcing consumer financial laws it meant ensure consumers access markets consumer financial products services markets fair transparent competitive it given power issue regulations monitor range lenders banks firms previously unsupervised federal level including mortgage companies panda lenders it also power discipline firms misconduct since opening doors levied fines dealt million consumer complaints relating mortgages credit cards student loans debt collection financial products the cfb said provided billion relief million harmed customers that figure includes debts canceled reduced well compensation paid firms controversy agency the brainchild elizabeth warren leading liberal voice senate agency draws strong support democrats strong opposition republicans say wields much unchecked power republicans objected clause odd frank law cfb director could fired cause foiled obama first choice cfb director warren time harvard professor obama appointed richard portray director congress recess republicans introduced legislation put commission charge cfb weaken power single director congress decide funding currently federal reserve funds agency a federal appeals court ruled structure cfb unconstitutional gave much power director other agency heads answer president fired the cfb appealed ruling came sued mortgage service ph wall street accuses agency imposing overly burdensome regulations large fines the agency trump administration the congress white house put halt cfb the trump administration focused rolling back financial rules trump month signed congressional resolution lets banks credit card companies financial firms block customers filing class action lawsuits the move killed cfb rule released july cfb restrictions panda lenders also known lending seen potential next target republicans the cfb power concentrated enforcement power may also mounted politicsnews