(Quartz) — “. . . the CFPB has filed dozens of judgements resulting in 29 million US consumers getting back $11.9 billion in unfair fees and other restitution. . .”
The US federal agency created in 2010 to protect consumers from predatory lenders, unscrupulous debt collectors, and deceptive banks is in the midst of a heated political battle that could ultimately cripple it.
Appointed by Donald Trump, Mick Mulvaney took over as Consumer Financial Protection Bureau (CFPB) acting head on Monday, promising a “dramatically different” direction. Mulvaney, a long-time critic of the agency, has already temporarily frozen all hiring and regulatory action at the 1,600 member agency.
CFPB’s detractors say the deeply partisan agency didn’t hire Republicans (or anyone with industry experience) when it was formed, and its lack of Congressional oversight means it isn’t accountable enough to US lawmakers.