The Consumer Financial Protection Bureau (CFPB) is a relatively new regulatory agency that was created in the wake of the financial crisis. This was the brainchild of Senator Elizabeth Warren. She felt that the banks, credit card companies, mortgage brokers and other financial institutions took advantage of people who were not sophisticated in these matters. Consumers ended up taking on too much credit and mortgage debt, which has led to terrible outcomes for many Americans.
The mission of the CFPB “is to stand up for consumers and make sure they are treated fairly in the financial marketplace,” whereas all of the other U.S. regulators are not set up to be advocates for the people. The CFPB states, “One way we do this is by enforcing federal consumer financial laws and holding financial service providers accountable for their actions.”
The agency says that it is at a “critical moment in our nation, [as] Americans’ financial lives have suffered tremendously as a result of the COVID-19 pandemic, the associated economic dislocation and ongoing racial inequity.” The regulator maintains, “These challenges are most acute amongst the most economically vulnerable Americans.”
The CFPB, under President Joe Biden’s new administration, is planning “vigorous oversight of all applicable Federal laws and the fullest utilization of our legal authorities.” The agency is aggressively recruiting attorneys at all experience levels. There will be opportunities in an array of divisions and there is the potential to work remotely. In particular, the agency seeks to hear from “a diverse set of candidates with a range of personal and professional experiences.”
The CFPB is on a mission to “hold accountable companies that break the law and harm American consumers and small businesses during this time of incredible financial stress.” To achieve this goal, the regulator seeks “the fullest talents and passion of the American public.” They promise that the agency “has one of the most remarkable workforces” and invites people to “seize the moment and join us.”