The Consumer Financial Protection Bureau has done enormously good work to help and protect the average citizen from illegal, deceptive and abusive practices involving financial institutions. They take on cases involving mortgages, credit cards, debit cards, student loans, payday loans, debt collection and other transactions. Wells Fargo was the most recent target of the CFPB and will pay out over $185 million in restitution. The banks hate it and want it abolished.
Paul Ryan and the Republican majority are very intent on helping the banks cripple the bureau with a bill called “the Financial Choices Act.” You can guarantee a veto by President Obama, but the upcoming election could put the bureau in jeopardy.