Just beyond the Trump swelter of the hour, lawmakers have been busy concocting plans to dismantle key achievements of the Obama years. Among those accomplishments currently targeted is a concerted effort to destroy, defang, scrap (feel free to select the word) the Consumer Financial Protection Bureau.
The CFPB was created to protect consumers from the kinds of predatory practices that played a big part in the financial meltdown of 2007 to 2008. The idea was simple: Create a federal agency to be, to quote Sen. Elizabeth Warren, “the cop on the beat” in the financial sector. The CFPB was to have the ability to take decisive action to shut down questionable practices. The CFPB was designed to be the regulatory safeguard against future financial wipeouts. (Think: Batman.)