CFPB: Center for Partisan BickeringIssue 12-04-17 |
The controversy over who should head the Consumer Financial Protection Bureau (CFPB) has revived the controversy over the CFPB itself. The CFPB, created by the 2010 Dodd-Frank Act, regulates home mortgages, student loans, and other consumer financial products.
Proponents claim the CFPB has improved home mortgage disclosure, stopped abuse of student loans, and opened a complaint database to prioritize regulatory actions. Critics argues that the CFPB doesn't have oversight of its budget, the director rules by fiat, and its policies raise the cost of doing business. Some critics even want to abolish the agency.