The Consumer Financial Protection Bureau (CFPB) published a warning to consumers this past week stating that funds held in popular online payment apps, such as Paypal, Cash App, and Venmo, lack FDIC insurance and should be transferred to "insured banks and credit unions." What is the "Consumer Financial Protection Bureau"? Why are they issuing this warning, which could obviously have a serious negative impact on these payment apps if many consumers take their advice and start withdrawing their funds from them? The "About Us" page on their website, which at the bottom of every page in their footer says: "An official website of the United States government", doesn't give much information about who they are. Whenever a website, especially one that claims to be "An official website of the United States government", does not give much information on their "About Us" page, the next thing to check is: who are the people running