The Consumer Financial Protection Bureau is working. So why is Congress trying to cripple it?
Five years ago, Congress created the CFPB, and today, its record speaks for itself. The agency has returned more than $10 billion to consumers as the result of its supervision and enforcement activity. It has processed more than 650,000 complaints from consumers who have been wronged by financial institutions. Its oversight ensures that the worst pre-crisis market practices will not come back to cripple families once again. That sounds like a track record that Congress should be proud to stand behind.
Yet some members of Congress have decided to use the CFPB’s anniversary as an opportunity to undermine the agency’s work. Rather than directly challenging the CFPB’s work, which is wildly popular with the American public, they propose administrative “reforms” that sound benign, but would significantly reduce the agency’s effectiveness and could even lead to its demise. The two main changes proposed would alter CFPB’s funding and leadership structures.
The above excerpt was originally published in Morning Consult. Click here to view the full article.
Director, Consumer Finance