Finance
The CFPB’s New Team Has a Message for Banks It Regulates: We’re Back
With a new boss on the way, the consumer protection agency is knocking on doors and asking tough questions.
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America’s personal money watchdog is beginning to stir once again.
The Consumer Financial Protection Bureau was created in the wake of the 2008 mortgage crisis. Its mandate: to make sure financial products such as loans aren’t designed to trick people into onerous debt or high fees. The agency was hobbled by its own leaders during the Trump years, to the glee of many in the financial industry, who argued that the agency had been given too much unaccountable power.