CFPB Threatened by Trump Order

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Consumer Financial Protection Bureau

CBS News

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US Politics

Trump has subdued the Consumer Financial Protection Bureau. So what does this agency do?

Summary

Nutrition label

81% Informative

The Consumer Financial Protection Bureau was created in 2011 after the 2008 financial crisis.

Republicans have long attacked the CFPB , saying it lacked accountability and imposed burdensome regulations on the financial industry.

Supporters of the agency say it has played a vital role safeguarding consumers.

Critics say the agency is a "weaponized agency against disfavored industries and individuals".

Michel: "It's completely untrue that there was no consumer protection in financial markets prior to the CFPB " Michel was long an advocate of pulling the plug on the agency's operations.

" Congress created this thing, and I don't understand how that's possible for the executive branch to truly get rid of a federal agency that Congress created," Michel said.

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful