From the day it opened its doors, the Consumer Financial Protection Bureau has been under attack by those who oppose a strong, committed consumer watchdog.
Since 2010, there have been repeated attempts by some lawmakers to shutter the agency or find ways to limit its funding and its mission.
As a result, CFPB’s noble mission and the professional workforce that carries it out have been unfairly maligned. The latest threat—a legal question about how the CFPB gets the money to keep its lights on—could bring the agency’s crucial work to a standstill.
In February, the Supreme Court accepted a case regarding the constitutionality of CFPB’s funding. Congress does not appropriate the CFPB’s operating budget, which instead comes from the Federal Reserve.
Meanwhile, over the last 12 years, frontline CFPB employees have built an impressive record of consumer protection.
But in this pitched political environment, their success—$16 billion in relief to taxpayers who were cheated—is rewarded not with accolades, but repeated attacks on their work protecting Americans who carry credit cards, secure mortgages, and take out loans.
Into this debate, I submit the voices of the professional accountants, auditors, examiners, and...
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