Attorney Jeffrey Douglas Kaliel has extensive experience in class-action litigation against financial institutions. In recent years, Jeffrey Douglas Kaliel was successful in getting major financial institutions such as Bank of America to revise some of their banking policies.
Recently, the work of the Consumer Financial Protection Bureau (CFPB) has proven to be invaluable. In light of the case against the CFPB, some people are wondering what will happen if the organization is dissolved.
Established in 2010, just two years after the financial crisis of 2008, the CFPB was created as a part of the Dodd Act. The organization was set up to protect consumers from deceptive, unfair, and abusive practices. Before the CFPB was created, no central agency was responsible for policing industries. Instead, legislation was scattered among the states.
However, some people think the agency has too much power. Undoubtedly, the CFPB is protecting consumers. Since its inception, the agency has recovered more than $12 billion for consumers, but its appearance of unchecked power has brought it under the scrutiny of the Supreme Court.
The CFPB’s structure is of greatest concern. The organization gets its funding from the Federal Reserve and not from congressional appropriations, which makes it impermeable to oversight. Moreover, one person, who is given a five-year term, heads the agency and has unchecked power to make rules, investigate rule violations, issue sanctions, and assess punishments.
Recently, the work of the Consumer Financial Protection Bureau (CFPB) has proven to be invaluable. In light of the case against the CFPB, some people are wondering what will happen if the organization is dissolved.
Established in 2010, just two years after the financial crisis of 2008, the CFPB was created as a part of the Dodd Act. The organization was set up to protect consumers from deceptive, unfair, and abusive practices. Before the CFPB was created, no central agency was responsible for policing industries. Instead, legislation was scattered among the states.
However, some people think the agency has too much power. Undoubtedly, the CFPB is protecting consumers. Since its inception, the agency has recovered more than $12 billion for consumers, but its appearance of unchecked power has brought it under the scrutiny of the Supreme Court.
The CFPB’s structure is of greatest concern. The organization gets its funding from the Federal Reserve and not from congressional appropriations, which makes it impermeable to oversight. Moreover, one person, who is given a five-year term, heads the agency and has unchecked power to make rules, investigate rule violations, issue sanctions, and assess punishments.
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