Deceptively named, The Wall Street Reform and Consumer Protection Act, commonly known as the Dodd Frank Act. The Dodd Frank Act created yet another Independent Federal Agency, the CFPB. The CFPB has no oversight, a single Director not a commission and no budget restraints. The CFPB’s budget is pre-determined as a percentage of the Federal Reserve Budget. .
Employees of the CFPB have stated that their goal is to “protect the unsophisticated consumer from the sophisticated consumer”. All this at the expense of the US Consumer.