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Is the Consumer Financial Protection Bureau (CFPB) a necessary regulatory agency?

Is the Consumer Financial Protection Bureau (CFPB) a necessary regulatory agency?

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Answer #1

Yes it is necessary regulatory agency. CFPB is established in 2010 under the leadership of Obama. The main activity of CFPB is to protect consumers from lenders, debt collectors and banks who acts as predators on the people.

This CFPB till now investigated and extracted approximately 14 billion from 30 million customers. This shows the succesful function of this organisation. Due to this there is declines these type of lenders, collectors and banks which try to squeez public.

The government should also try to enhance its functions and make it more powerful so that it will benefit the public.

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