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Consumer Financial Protection Bureau

2012

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The Financial Services Industry's Misguided Quest To Undermine The Consumer Financial Protection Bureau, Arthur E. Wilmarth Jr. Jan 2012

The Financial Services Industry's Misguided Quest To Undermine The Consumer Financial Protection Bureau, Arthur E. Wilmarth Jr.

GW Law Faculty Publications & Other Works

Congress decided to establish the Consumer Financial Protection Bureau (“CFPB”) after concluding that federal bank regulators had utterly failed to protect consumers during the credit boom leading up to the financial crisis. Because of the prudential regulators’ systemic failures, Congress vested CFPB with sole responsibility and clear accountability for protecting consumers of financial services. Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act delegates broad rulemaking and enforcement powers to CFPB. To insulate CFPB from political influence, Title X grants CFPB substantial autonomy as well as an assured source of funding from the Federal Reserve System.

The …