Strengthening Consumer Financial Protections
The Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, was set up to protect consumers from unfair, deceptive and abusive financial products and practices such as those that led to the Great Recession. Empowered to crack down on lenders that deceive consumers, charge unfair fees and impose onerous terms of service, this newly created consumer protection agency has the potential to restore fairness to consumer finance and accountability to the financial sector. As an agency that is still in its infancy, many of the rules it will work to enforce still must be written and implemented. The financial sector and its allies in Congress have been incessant in their attempts to delay, defund and weaken the CFPB.
During the CFPB’s creation and throughout the process that led to the appointment of its first director, Public Citizen has been on the front lines. Public Citizen continues to combat the financial industry’s attempts to undermine this new consumer agency’s important work.