The CFPB is fighting a three-front war against Congress, the Trump administration, and in the courts to maintain its unaccountable status.
The Consumer Financial Protection Bureau’s days as the federal government’s most uniquely unaccountable regulatory agency might be numbered.
The CFPB, a product of the Dodd-Frank financial regulation package passed in the wake of the 2009 financial collapse, has broad authority to regulate American financial institutions. Unlike other federal regulatory agencies, however, the CFPB does not have to answer to Congress or the president for its actions. It gets its funding directly from the Federal Reserve, and is run by a single director (an unusual arrangement since most regulatory agencies are run by a bipartisan group of three or five individuals) who serves a 10–year term and cannot be removed from office before that time.