The Consumer Financial Protection Bureau (CFPB) was created as part of the Dodd-Frank Bill that reformed financial practices following the abuses that led to the Great Recession. Republicans have made no secret of the fact that they want to get rid of those reforms and once again let Wall Street run loose. But they have particular disdain for the CFPB. It's worth unpacking why that is the case because it informs the current battle over who is in charge of the bureau.
The CFPB was set up to be a watchdog of the financial services industry in order to protect consumers. To get an idea of how that works, here are some examples of what they've accomplished:
Read Full Article »