As the Consumer Financial Protection Bureau (CFPB) turns 10 years old, a new report from TexPIRG Ed Fund recaps how the agency has helped consumers over the past decade and the steps under way to refocus the CFPB on its mission after three years of retrograde decisions under the Trump Administration. The report also provides recommendations for CFPB action moving forward, especially on credit reporting.
The CFPB opened its doors on July 21, 2011, one year after President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Typically referred to as “Dodd-Frank” or “Wall Street Reform,” this law created the CFPB in the aftermath of the 2008 economic crash caused, in large part, by the financial industry’s malfeasance. The CFPB became the United States’ first federal agency dedicated to protecting consumers from financial shenanigans.
