What is the role of the Director of the CFPB?

The role of the Director of the Consumer Financial Protection Bureau (CFPB) primarily involves overseeing the enforcement of consumer financial protection laws. This includes ensuring that financial institutions comply with federal consumer financial law and protecting consumers from unfair, deceptive, or abusive practices in financial services. The Director plays a crucial part in developing and implementing regulations that govern consumer financial products and services, and is responsible for the bureau's overall strategy, including research and enforcement actions.

In relation to the other options, while creating new financial products may be a task undertaken by firms within the financial sector, it is not a direct responsibility of the CFPB or its Director. Managing the Federal Reserve is also outside the scope of the CFPB, as the Federal Reserve is a separate entity that focuses on monetary policy and banking regulation. Advising the President on economic policy does not fall directly under the CFPB’s mandate, as it primarily focuses on consumer protection rather than broader economic advisory roles. Therefore, the primary responsibility of the Director of the CFPB is indeed to oversee the enforcement of consumer financial protection laws, making this option the accurate choice.