What is The CFPB Consumer Financial Protection Bureau?

ByPrimary Researcher

Executive Summary

  • The CFPB was put into place to try to protect consumers in banking.

Introduction

The CFPB is as follows.

The CFPB, created in 2010, is the first federal regulator with the direct mandate to protect consumers from harmful or abusive financial products. The agency has already gained a reputation as a tough and effective regulator and has placed payday lending reform near the top of its agenda. The federal agency cannot lower state interest rates, but it can curtail the abusive and predatory aspects of the industry. The agency has already proposed rules that would either require payday lenders to do underwriting for loans and show that the borrower can repay the loan or prohibit excessive renewals of the same loan.

Source: How the Other Half Banks

https://www.amazon.com/How-Other-Half-Banks-Exploitation/dp/0674286065

As soon as the Trump Administration took office they went about to undermine the CFPB.