Three years of standing up for consumers, wrote Chris Vaeth, who explained on Monday that the Consumer Financial Protection Bureau, or CFPB, opened for business three years ago. “Since then,” Vaeth wrote, “we’ve used a range of tools in our toolbox to protect consumers: writing rules of the road, supervising and enforcing those rules, responding to consumer complaints, and much more.”
According to the infographic on Vaeth’s post, over the past three years the CFPB has gotten back over $4.6 billion to consumers who were harmed by wrongdoers and unethical businesses, including those that perpetrate unfair and abusive debt collection practices.
All this done by a federal agency that faced considerable political opposition when it first formed, including trouble getting a leader appointed and ongoing effort to block would-be interim director Elizabeth Warren from taking up the leadership mantle, in an effort to prevent the CFPB from starting its work in writing rules to regulate the financial industry.
Those who oppose the CFPB haven’t had much luck.
Happy birthday, CFPB. Here’s to many more.
Happy Birthday, Consumer Financial Protection Bureau