Why The Consumer Financial Protection Bureau May Die -- And Why You Should Care

Photo illustration by Aren Elliott Since the Consumer Financial Protection Bureau’s creation six years ago, some Republicans in Congress have wanted to kill it. “The CFPB’s fundamental mission to protect consumers and the economy is an important one,” says Matt Oppenheimer, the CEO of Remitly, an international remittance company that helps expatriates send money across borders. “I don’t think we want to turn back the clock on protecting consumers from the abuses that were caused by the Great Recession.” That’s a common sentiment ― that the CFPB could prevent another recession. But here’s what it won’t tell you: Years before the creation of the CFPB, there was talk of consolidating the consumer financial protection functions previously spread across multiple federal agencies. As a result, says Braden Perry, a former enforcement attorney for a federal agency who currently works for the Kansas City law firm Kennyhertz Perry, “the CFPB is facing a serious reshaping.” Peter Cohan, a lecturer at Babson College, says we shouldn’t expect a quick demise of the CFPB.