The Consumer Financial Protection Bureau: Measuring the Progress of a New Agency

Abstract

For almost a year, the Financial Regulatory Reform Initiative's Consumer Protection Task Force has conducted an in-depth review and analysis of the Consumer Financial Protection Bureau (CFPB, or Bureau). The mandate of this new agency is to ensure consumer financial products and services and the markets for those products and services are fair, transparent, and competitive. This paper measures the agency's actions against its mandate. It analyzes the start-up and operational challenges the Bureau has faced and the critical choices it has made.