From CFPB to BCFP: A New Bureau of Consumer Financial Protection

Changes are coming for the Consumer Financial Protection Bureau (CFPB).The CFPB was established in 2010, when Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, following the most severe United States financial crisis since the Great Depression. 1 Among other things, this Act created the Consumer Financial Protection Bureau, a federal executive agency designed to protect consumers from predatory lending practices and other types of financial fraud. 2 In the last year, changes to the CFPB's administration have significantly impacted the ways in which the CFPB will carry out its mission as the sole executive authority in this area.As is often the case, with these changes comes harsh criticism on one hand, and unwavering support on the other.Regardless of one's views on the issue, it will be interesting to see the effects that these changes will bring, and the additional changes that have yet to come.When the CFPB was created, it was given expansive authority in carrying out it is mission of regulating consumer financial products and services.3 Among other things, the CFPB was given statutory authority to craft rules to protect consumers from unfair, deceptive, or abusive practices under Federal law, 4 and to create rules which interpreted then existing federal law, 1 "Creating the Consumer Bureau", U.S. Consumer Financial Protection Bureau, https://www.consumerfinance.gov/about-us/the-bureau/creatingthebureau/(last accessed November 13, 2018); See also 12