In its first couple years, the Consumer Financial Protection Bureau has fined big banks millions and assumed oversight of credit reporting agencies. That was a warm-up.
The Wall Street Journal explains…
“They are now freed from some of the procedural shackles” posed by the Dodd-Frank to-do list and will have wide latitude to focus on other areas of consumer finance, said Isaac Boltansky, an analyst with Compass Point Research & Trading. He also noted that the bureau has no shortage of cash to spend on its work: The bureau left unspent nearly $44 million of its $343 million 2012 budget.
They spent most of their first couple years getting established, reading up on research and setting some rules. They’ve begun oversight over payday lenders and credit reporting agencies, and have been scrutinizing bank fees and student loans.
Now they’ve got room and, after the election, political backing to start doing more to protect consumer rights. What unfair financial practices would you like to see the CFPB address?