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Its structured this way because it was a reaction to the 08 crash and subsequent bailout of wall street. Seems to be the only reform that came out of that area,
by MarkMarine 3y ago
Its structured this way because it was a reaction to the 08 crash and subsequent bailout of wall street. Seems to be the only reform that came out of that area, and measured against how much the banks chafe against the CFPB, I’d say it was working.
This would also challenge the federal reserve structure.
- butlerm 3y agoThe Federal Reserve started as a government sponsored banking cartel to solve a specific problem. It was not intended to be a regulatory agency until not that many years ago, and is not appropriate for the job. Bank and consumer finance regulation should fall under the Treasury Department or the Commerce Department somewhere. There are agencies that have similar responsibilities now. Those agencies should be regulating the banks, not the banks or some subsidiary of a banking cartel regulating themselves. The recent bank failures are a case in point.