The Consumer Financial Protection Bureau (CFPB) was created after the 2007–08 financial crisis as an independent watchdog for the public. The crisis demonstrated that while abusing consumers might be profitable in the short term, it leads to greater long-term risks if left unaddressed.
By and large, the steps taken post-crisis are working. Credit card customers have seen costs go down—saving on average about $300 per year for those who carry a balance—while the volume of consumer credit is back to pre-crisis levels and regulations have clamped down on hidden fees. Banks are as profitable as ever, and the Dow is at record highs.
The above excerpt was originally published in Fortune.
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