Independence of U.S. Financial Consumer Protection and its Implications for China

In 2010,the United States issued Dodd Frank Wall Street Reform and Consumer Protection Act after the profound reflection on the causes of the crisis.In this bill,the regulations of Consumer Financial Protection Bureau were particularly noticeable.CFPB has a lot of independence in the institutional setting,sources of funding,staff appointment,institutional authority and accountability,resulting in the separation between consumer financial protection and prudential supervision,leading to new regulatory system such as the integration of unified supervision and decentralized supervision,and the integration of function supervision and institution supervision.The sub-sector regulatory model of the financial system in china leads to many gaps and blind spots in practice.We should learn from the U.S.financial consumer protection and establish an independent financial consumer protection agency,to ensure consumer finance fairness,transparency and competitiveness.