The next director of the Consumer Financial Protection Bureau (CFPB) will have to answer a challenging question: How can someone lead one of the most controversial federal agencies while making it an accepted and reliable part of the regulatory landscape?
In recent congressional hearings, Acting Director Russell Vought said he wanted the bureau focused on “actual consumer harm that’s material and measurable.” To reduce real consumer harm in ways that are durable, efficient and broadly trusted, the next director should preserve the CFPB’s core mission while prioritizing tools that can attract support from the industry, Congress, state regulators and consumer advocates.
A practical agenda would not abandon supervision, rulemaking or enf...
