In President Trump’s effort to shave down the federal government, the Consumer Financial Protection Bureau was one of the first targets. But it’s always been controversial. Created in response to the 2008 financial crisis, the CFPB is essentially a watchdog for the American consumer. So what would happen to consumers if the agency designed to collect data from banks and financial companies to investigate fraud goes away?
WSJ explains what the agency does, why Republicans have always hated it and what happens now for consumers.
Chapters:
0:00 Threats to the CFPB
0:31 What problem the CFPB was solving
1:11 What the CFPB does
1:51 The criticisms
4:16 The effect on consumers
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