It was and is a broad and far reaching measure, designed to protect financial consumers and fundamentally change the way financial business of all forms is conducted. Consumer protection versus overreach collided as the prevailing political winds favored the former and dismissed the latter. The CFPB helped bring order to the chaos arising from the wild-west mortgage lending mayhem that existed before 2007. When it ended, it took a while for the smoke to clear and to figure out how mortgage consumers and mortgage lenders could play nice together. Dodd-Frank gave us the CFPB and the CFPB gave us the Ability-To-Repay (ATR) rule and the Qualified Mortgage (QM).

Source: Forbes February 23, 2017 21:54 UTC