Financial watchdog should become stronger under Biden

 

Source: Chris Arnold, NPR

The Consumer Financial Protection Bureau (CFPB) was created after the last financial crisis to be the tough cop on the beat, making sure people don't get taken advantage of by lenders, debt collectors or other companies. It's returned $12 billion to people harmed by financial firms.

But under the Trump administration, this federal watchdog had its teeth removed. President Trump put one of the bureau's fiercest Republican critics, Mick Mulvaney, in charge of running it.

Expect this trend to be reversed, however, when president-Elect Joe Biden comes to town.

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