Most consumers haven't heard of the Consumer Financial Protection Bureau, which may be bad news both for the CFPB and the consumers it works to protect.
The financial services industry has been hell-bent on abolishing or weakening the agency, which was established in 2011 to work as a "cop on the beat" protecting consumers from the abuses that played a prominent role in the financial crisis of 2008.
Since the Republican takeover of Congress and the White House, the CFPB's days appear to be numbered, and a recent CreditCards.com survey provides little encouragement, finding that only 1 in 8 U.S. adults have a favorable view of the CFPB.
The vast majority (81%) say they haven’t heard enough about the agency to make a determination; 4% view it unfavorably. Consumer advocates and many state attorneys general have spoken up for the embattled agency, but without massive financing for a public education campaign, there's little hope of stirring up enough voters to dissuade Congress from gutting the CFPB (source: consumeraffairs.com).
Information courtesy of Bill Holmes with Front Street Mortgage