NEW YORK (AP) — The Consumer Financial Protection Bureau, which Congress established to monitor credit card companies, mortgage providers, debt collectors and other segments of the consumer finance industry, is the latest U.S. government agency to have its work halted by the Trump administration.
Conservatives have long targeted the work of the CFPB. Critics complain the independent agency, funded by the Federal Reserve System, lacks sufficient supervision and regularly exceeds its regulatory authority. Defenders argue the bureau’s watchdog mission has strong bipartisan support.
Here’s some background on the scope of the CFPB’s activities and how the agency’s tenuous status might affect consumers:
What does the CFPB regulate?
The Consumer Financial Protection Bureau
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