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Thu 13 Feb, 2025 07:34 pm
The U.S. has had many bank regulators in its history, including the Federal Reserve System, the FDIC, and state bank regulators.
Since its formation in 2011, the Consumer Financial Protection Bureau has filed many lawsuits, actions, and settlements against various banking organizations in the U.S.
Why didn't any of the other regulators that preexisted the CFPB file the suits or take the actions?
@gollum,
Because it is not in their charter to protect individual banking clients. Those regulators are focused on preventing a major banking crisis by insuring there is a system in place that keeps banks solvent or allows the failure at one bank not to bring down the entire system. The CFPB is chartered with preventing banks from preying on their customers with hidden or excessive fees, questionable lending practices, etc.