Year: 2021
Type: article
Abstract: When COVID-19 triggered a historic economic crisis, millions of Americans lost income and fell behind on debts, and complaints to the Consumer Financial Protection Bureau (CFPB) hit record highs. This article argues that the agency, created after the 2008 crisis to protect consumers, largely failed to respond. Through early 2021, it filed no public enforcement actions tied to the pandemic, announced it would relax oversight of rules, and brought smaller cases with less consumer harm, redress, and penalties. The author recommends faster, visible enforcement, partnering with states, and clear guidance on unfair practices during the pandemic, signaling consumers remain protected.
Source: The Mathematics Enthusiast
Author: Craig Cowie
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W3181838196