Introduction
Born out of the 2007-09 financial crisis when millions of Americans lost their homes due to foreclosures, the Consumer Financial Protection Bureau (CFPB) has been a political lightning rod from the start. Liberals see the agency's core mission as protecting consumers against a sometimes rapacious financial industry. Created in 2010 during the Obama administration, the CFPB began reforming standards for mortgage lenders, debt collectors, payday lenders and others. But conservatives say the CFPB has too much power and lacks accountability, and that its regulatory efforts actually hurt consumers by limiting their ability to get financial help. This debate became more heated during the Trump administration. Under the leadership of Mick Mulvaney, a fierce agency critic, and then Kathy Kraninger, the CFPB scaled back its activities, paused pending enforcement and rule-making efforts and cut its own budget. Consumer advocates and others expect the bureau to become more aggressive when President-elect Joe Biden, who has pledged to hold financial institutions accountable, takes office in January.
Protesters outside the Consumer Financial Protection Bureau in 2017 demand that interim Director Mick Mulvaney step aside. Critics charge that the agency, created to protect consumers from predatory financial institutions, has strayed from its mandate during the Trump administration. (Getty Images/Mark Wilson)
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Jul. 29, 2022 |
Medical Debt in America |
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May 07, 2021 |
Reining In Big Tech |
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Nov. 27, 2020 |
Protecting Consumer Finances |
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Sep. 27, 2019 |
ESG Investing |
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Sep. 06, 2019 |
Health and Safety Regulations |
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Mar. 16, 2018 |
The Fight Over Net Neutrality |
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Mar. 11, 2016 |
Arbitrating Disputes |
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Nov. 11, 2011 |
Google's Dominance |
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Jan. 23, 2009 |
Regulating Toxic Chemicals |
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Dec. 19, 2008 |
Limiting Lawsuits |
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Oct. 12, 2007 |
Consumer Safety |
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Feb. 17, 1978 |
Consumer Protection: Gains and Setbacks |
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Nov. 15, 1972 |
Toy Safety |
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Mar. 03, 1960 |
Consumer Protection |
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