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If you are CFPB enforcement could have been profitable in the penalizing financial institutions and you may loan providers for how financing try prepared or said, it generally does not capture far creativity to see just how it’s got inspired the brand new investing weather for new competition. While the CFPB’s beginning, these day there are thirty-five% fewer creditors remaining for consumers available, down out of 15,100000 just to approximately 9,000 now. Sen. Age Warren, the fresh rational force about the newest department’s founding, might have been apoplectic. Instead of penalizing wrongdoers, Congress funded lender bailouts and you may released a “watchdog” class. The new 2010 Dodd-Frank Financial Reform Operate required the fresh criteria to have lending, restricted funding that could be stolen for loans from banks, and created the CFPB in order to cops individual financing.