The 2008 financial crisis highlighted the dangers of predatory lending, prompting the establishment of the Consumer Financial Protection Bureau (CFPB) in 2010. Spearheaded by Sen. Elizabeth Warren and others, the agency was created to protect consumer interests and enforce lending regulations. Since its inception, the CFPB has effectively tackled misleading lending practices, bringing over $3 billion in compensations for consumers in 2023 alone. Despite its successes, the CFPB has faced ongoing scrutiny and opposition from politicians seeking to dismantle it.
In the wake of the 2008 financial crisis, it became clear how predatory lenders harm individual borrowers and the overall economy, prompting a push for consumer protection.
The CFPB aims to protect consumers against deceptive lending practices, having won over $3 billion in compensation for consumers and imposed nearly half a billion in fines.
Collection
[
|
...
]