Consumer Financial Protection Bureau - CFPB
Categories: Regulations, Econ, Ethics/Morals
You know what America needs? More failed government agencies designed to protect consumers, only to fail miserably at their jobs because…bureaucracy.
Meet the creature known as the Consumer Financial Protection Bureau (CFPB). This regulatory agency came into existence in the wake of the 2010 Dodd-Frank Act. Its goal: Protect Americans from financial products and services.
The head of the CFPB gets a five-year term, before assumedly taking a job at Goldman Sachs. He also receives assistance from the Federal Reserve’s Consumer Advisory Council, which was founded decades earlier, but needed to collaborate with another new agency after failing to stop predatory lending before the housing crisis.
Oh, and the CFPB completely whiffed on the Wells Fargo account scandal during this decade. So, they’re doing a great job. Their excuse? They need more money…although their budget in FY2018 was about $630 million.
Of course, given that Wall Street owns the Fed and Congress, it wasn’t surprising that the most recent head of the Bureau requested zero funding. So, there’s that too.