Challenges Facing the Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB), established in response to the pre-Great Recession crisis, is facing significant challenges under the new Trump administration. The CFPB was created to consolidate consumer financial protections, ensuring that regulations were not scattered across various government entities. However, the agency's authority has come under scrutiny, and recent directives have led to a shutdown of its operations, provoking legal action from employee unions. Despite these challenges, the CFPB has returned over $21 billion to consumers and implemented crucial rules, like protecting medical debt from affecting credit scores, emphasizing the ongoing need for consumer protections.