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Why was the Consumer Financial Protection Agency established? What were some of the controversies in it's...

Why was the Consumer Financial Protection Agency established? What were some of the controversies in it's establishment and current condition? Who is Elizabeth Warren? Does President Trump support the agency? -

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Why was the Consumer Financial Protection Agency established?

  • Consumer Financial Protection Agency was established to protect the rights of consumers. CFPA protects consumers from ill behavior of banks. During the financial crisis, CFPA forced banks to returns over $ 12 billion to consumers.

What were some of the controversies in it's establishment and current condition?

  • CFPA is not funded through the appropriation; instead it is financed by the Federal Reserve. It is relatively free from undue pressure from government. Government cannot pressurize it to toe its line.

Who is Elizabeth Warren? Does President Trump support the agency? -

  • She was advisor to CFPA. She was known for her bold decision which led to the protection of consumer rights. Her actions were incongruence with government intentions.
  • Trump does not support CFPA and is planning to fire it.
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