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Consumer Financial Protection Bureau comes out of a playbook of one party that supported no changes in the Financial system in the US and no consequences for financial wrongdoing in the mortgage and banking speculation financial crisis of 2009 that upended the world's financial system. The Obama administration did little to tackle the root causes of the crisis and no serious consequences for financial wrongdoing. With financial interests vested in the structure of both parties work in the financial business could go on as usual with minor changes such as the Consumer Financial Protection Bureau and financial settlements of no serious consequence. Along with this rural areas, farmers and agriculture were given less priority than Silicon Valley during the years of the Obama administration 2008-2016. The passion for a serious overhaul stems from the sense of injustice suffered by rural America and by tens of millions of middle class Americans who took the first blows with patches of period of less work or parttime work at low wages in a battered economy in the aftermath years of the global financial crisis caused by irresponsible bankers in the years 2010-2014. This strained finances and savings only to be followed in 2019 by the Covid pandemic imposing more strains on finances of American middle class and working class people. ...

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216-213 vote in Congress July 17, 2025 rescinding $7.9 billion in foreign aid and $1.1 billion in CPB public broadcasting funding. 

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The former Attorney General of Ohio, Richard Cordray, was nominated to head the U.S. Consumer Financial Protection Bureau. Cordray is the current head of enforcement at the new agency. The CFPB is part of the overhaul in regulation of the financial industry mandated by the Dodd-Frank legislation. This agency has the authority to write new consumer protection rules, see that federal consumer financial protection laws are enforced, dispatch examiners to review bank accounting and records and look into consumer complaints. The new Bureau's rules can only be overturned by a super majority in the Financial Stability oversight Council, which is headed by the Treasury department, or by appeal to the courts.

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The settlement of Wells Fargo Bank with the US Consumer Financial Protection Bureau includes $2 billion in restitution to its customers and $1.7 billion in a penalty.

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To understand the way DJT has selected key people- it follows a traditional Republican pattern getting the best qualified Republicans on board. Some of them may not be as good as the ones they replace but some may be better administrators with good judgement. Sheila Bair of Wichita, Kansas, ran the FDIC from 2006-2011 and was one of the finest at FDIC who also contributed to solve the 2009 financial crisis.  Gary Gensler was slow in acting on cryptocurrency and other regulatory matters. He is one of the first to go in the new DJT administration. At the SEC a former SEC commissioner now legal officer at Robin Hood, or law partner at Sullivan and Cromwell. At CFPB a law professor at George Mason University or a previous Comptroller of the Currency. To understand where DJT is headed there are opposing ideas cap credit card interest rates at 10% that no Democratic administration ever brought up, and discarding a rule challenged in courts that caps credit card late fees. The VP Vance's instincts also come into play as he has also fought to lighten the burden on consumers. The Comptroller of the Currency- A law partner at Jones Day, who was Deputy Comptroller of the Currency in the past. The five member FDIC can only have maximum of 3 members from one political party. For the FDIC to replace Martin Gruenberg who had to resign for not taking enough action to correct a toxic workplace that was unfriendly to women, DJT will consider the Republican Vice chairman of the FDIC, or one of the Republicans board members on the FDIC  ran an investigation into the FDIC.  ...

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Former Attorney General of Ohio, Richard Cordray, is nominated to head the Consumer Financial Protection Bureau. Cordray was the first attorney general to file a lawsuit against a loan servicer for violation of state consumer laws. He also sued Merrill Lynch, Ally Financial, AIG and credit rating firms for actions relating to the mortgage financial crisis of 2008. He was editor in chief of the University of Chicago Law Review and clerked for U.S. Supreme Court Justices Byron White and Anthony Kennedy. He is a graduate of Michigan State University, Oxford University and the University of Chicago Law School. He is also a five time champion in 1987 on the quiz show Jeopardy.