Federal Judge Knocks Down âThe Resistanceâ on CFPB Power Grab
Updated November 29, 2017
The Consumer Financial Protection Bureau (CFPB) was created by the Obama Administration under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The CFPB was designed to be independent of government: it didn’t depend on Congress for fundingâit could extract funds directly from the Federal Reserve. And, though it was part of the Executive, the president had little control over it. And all the power was vested in its director.
CFPBâs stated purpose is: âto ensur[e] that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive,â Writes Thaya Brook Knight, a finance expert from the Cato Institute, in