The nation’s youngest government agency recently celebrated its four-year anniversary, and it’s still got plenty to do.
The Consumer Financial Protection Bureau was born out of the Dodd-Frank financial overhaul law that passed in 2010 and started a year later. It was given a direct, but mammoth task: regulate and root out bad behavior in the financial services industry, from checking accounts to credit cards, mortgages to debt collection, and more.
The CFPB’s existence has been brief, but it hasn’t been quiet. The agency has extracted billions in settlements from the big banks. Is looking to regulate the payday lending industry at the federal level for the first time. The bureau also rolled out a somewhat controversial consumer complaint database, where customers of banks, credit card companies or other providers of financial services could file complaints that can be made available to the public online.
Richard Cordray was not the White House’s first choice to lead the agency. Elizabeth Warren, now a senator from Massachusetts, was put forth for the job but her nomination was blocked. Cordray’s own nomination was hardly smooth sailing. He was confirmed in July 2013 after a two-year fight with Senate Republicans.
Cordray spoke with The Associated Press by phone about the last four years, and where he thinks the agency is headed. The interview has been edited for length and clarity.