"The Big Short" author Michael Lewis talks about the current state of the Consumer Financial Protection Bureau.
As the decade comes to a close, Michael Lewis, author of “The Big Short,” is taking a look back at bank regulation since the financial crisis of 2008.
The Consumer Financial Protection Bureau was created in 2011 in the aftermath of the financial crisis to protect consumers from fraud and predatory lenders. While bank regulators have always had jurisdiction over financial products from regulated banks, no agency existed for the sole purpose of monitoring financial products from non-banks.
The CFPB lost its footing after Trump was elected president and appointed Mick Mulvaney, who had previously said he wanted to destroy the agency. Mulvaney went on to fire all 25 members of the group’s board. The agency is now being run by Kathy Kraninger, Mulvaney’s former deputy at the Office of Management and Budget.
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