In just six years, the Consumer Bureau has been a huge success, returning nearly $12 billion to more than 29 million consumers wronged by companies that have broken the law. It has held big banks like Wells Fargo accountable for signing millions of customers up for fraudulent accounts without their knowledge. It has fined some of the big credit reporting agencies like Equifax for marketing fraud. And it has helped level the financial playing field, educating veterans, senior citizens, new homeowners, college students and low-income consumers on how to keep their finances secure.
The Consumer Bureau's success should be earning it applause in Washington, D.C. The idea that consumers deserve protection against fraud and other misleading practices is popular across the political spectrum.
Yet instead of cheering on the Consumer Bureau, the Trump administration and some members of Congress are pushing to weaken or even get rid of it. Last year, there were at least a dozen bills or resolutions against the CFPB, and the financial sector spent more than $2 billion during the 2016 election cycle trying to buy influence in Washington, D.C., through lobbying and campaign contributions — that’s more than $2.7 million a day.
In late 2017, the Trump administration appointed Office of Management and Budget Director Mick Mulvaney as "acting director" of the Consumer Bureau. Mr. Mulvaney has derided the very mission of the bureau, and his current actions are attempting to move the agency away from its mission.