The Consumer Financial Protection Bureau (CFPB) is a federal agency that regulates consumer protection in the United States. The CFPB was created back in July 21, 2011 as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act. However, the creation of this agency was no easy task.
Opposition from Republicans and criticism from large banks initially stalled the conception of an agency that would benefit consumers. Initially, the Republicans voted to shoot down the birth of the CFPB, and were met with strong opposition from the Democrats.
Democrats outvoted the Republicans by a staggering number of votes (60-39), which hailed the creation of the CFPB.
So who is going to head the Consumer Financial Protection Bureau?
Richard Cordray, a former Ohio attorney general with a stellar background and proven track record for fighting exploitations made by big banks.
This previous Jeopardy champion is the right man for the job. This is the man we want to fight against unfair lending practices. Without him, the financial industry will continue to assault the wallets of hard working Americans.
This guest post was written by Kevin Raposo, a blogger for SimpliSafe. Kevin covers issues related to home security, crime, safety, and consumer issues. Kevin is a dedicated writer and musician, spreading the word through music and blogging. SimpliSafe is a leader in the wireless home security field.