Center for American Progress

The Consumer Financial Protection Bureau Has Proven Its Worth

The Consumer Financial Protection Bureau Has Proven Its Worth

In the most painful way possible, America learned what happens when financial oversight is not taken seriously.

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idea_bulbThis month marks the fifth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the establishment of the Consumer Financial Protection Bureau, or CFPB. The CFPB is the only financial regulator solely dedicated to protecting consumers, and as of July 2015, it has helped return more than $10.1 billion to more than 17 million consumers tricked by deceptive financial practices. For years, critics have argued that the agency is too powerful. But the CFPB’s track record of leveling the playing field between consumers and the financial services industry has proven that the agency is worthy of longevity.

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