On Point | Podcast The legacy of the Consumer Financial Protection Bureau
Jul 1, 2025
Richard Cordray, the first director of the Consumer Financial Protection Bureau from 2012 to 2017, and Norbert Michel, vice president at the Cato Institute, dive into the significance of the CFPB. They discuss its pivotal role in returning billions to defrauded consumers and the ongoing political threats it faces. The guests dissect real-life experiences of consumers navigating financial fraud and the implications of potential changes under different administrations. They also analyze the agency's legacy and the broader debates surrounding consumer protections in the evolving financial landscape.
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Darissa's Fraudulent PayPal Nightmare
- Darissa Green discovered fraudulent activity on her old PayPal account causing charges she didn't make.
- She struggled to resolve it until the Consumer Financial Protection Bureau (CFPB) helped stop the unauthorized charges quickly.
CFPB as Consumer Watchdog
- The CFPB serves as a consumer advocate against unfair financial company practices.
- It efficiently resolves consumer complaints where companies' customer service fails.
CFPB Fills Protection Gap
- The CFPB bridges a gap as other agencies often side with financial companies over consumers.
- Without CFPB, consumers risk unfair treatment and financial harm from some companies.
