The article critiques the Consumer Financial Protection Bureau (CFPB) and its evolution since its inception, positing that it has strayed from its initial purpose of protecting consumers. Originally established by Sen. Elizabeth Warren to be nonpartisan, its operations have become controversial, marked by instances of regulatory overreach and politically charged enforcement actions. The author suggests that under Richard Cordray's leadership, the CFPB began acting beyond legal boundaries, unfairly targeting financial service providers. This shift has led the bureau to lose sight of its mission, ultimately prioritizing political objectives over genuine consumer protection.
The CFPB evolved from a consumer protection initiative into a body that prioritized regulatory overreach and political agendas, sidelining accountability and legality.
Under previous leadership, the CFPB engaged in 'regulation by enforcement', creating an environment where financial service providers were targeted retroactively.
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