The Consumer Financial Protection Bureau was created as a watchdog. Not just a rulemaking and regulatory agency, it also was chartered to crack down on wrongdoing in financial markets. But, while the bureau has collected penalties from transgressing financial institutions, it never has been responsible for criminal charges.
The Consumer Financial Protection Bureau took another step to coordinate efforts with state regulatory agencies when it signed an agreement with the Conference of State Bank Supervisors on May 21.
On May 16, the Consumer Financial Protection Bureau released a list of counties it considers underserved and/or rural.
“Our mission is to make markets for consumer financial products and services work for Americans,” the Consumer Financial Protection Bureau says on its about page. A laudable goal, financial markets should work for consumers. But now the bureau has stepped past overseeing financial products, to overseeing the goods purchased with financial products.
In its white paper on financial education released in April, the Consumer Financial Protection Bureau pointed to in-school branches as a way to build students’ financial literacy through hands-on learning.