The CFPB, a consolidation of seven federal agencies, currently enforces most regulations related to consumer finance. Enforcing consumer protections often invites broad interpretation, giving the agency extensive power over many economic sectors. The agency issues rules, investigates consumer complaints, supervises entities regulated by consumer protections, and takes enforcement action. This power, it seems, has not come with proportional oversight. While the CFPB is not alone in having unaccountable authority granted by Congress, the bureau’s unique characteristics make its constitutionality dubious.

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