The Role of the Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB), created in response to the 2008 financial crisis, plays a crucial role in regulating financial practices to protect consumers. Elizabeth Warren highlights its significance, noting that the CFPB has returned over $21 billion to consumers affected by scams and increased accountability among major financial institutions like Wells Fargo and Citibank. However, under new leadership, the agency faces challenges as recent decisions have limited its ability to hold companies accountable, thus endangering consumer protections. The efforts to undermine the CFPB reflect a broader concern about the enforcement of laws that safeguard everyday Americans against financial malfeasance.