Case Study
Read issues 3 and 14 from Taking Sides. Choose one issue to respond to. Which view point do you side with? Why? Explain. Reference at least two outside resources that further support the view point you side with.

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I am fully in agreement with the statement that the Consumer Financial Protection Bureau (CFPB) is a necessary regulatory agency in the United States of America. This is because of different reasons one of which is that the Dodd-Frank Wall Street Reform and Consumer Protection Act (CFPB) that led to the formation of this agency targeted to protect the US consumers from possible fraudulent activities in the American financial services industry (Wilmarth 2012. Further, the institution is independent and thus autonomous in decision-making. This makes the institution insulated from any political influence and possible lobbying pressures, which have been in place in the existing regulatory agencies of the federal government. The biting effects of the 2008 recession in the US were felt by a lot of consumers in the country (Maya 2012).

Many of the problems in the mortgage industry heavily contributed to the recession of the year 2008. Other financial sectors that influenced the emergency of this dreaded recession include the US investment banking industry and further, the insurance industry (Wilmarth 2012. After the extensive bailout of these institutions using the American taxpayer’s finances, the Consumer Financial Protection Bureau (CFPB) was instituted to help maintain a financial protection consumer financial safety. This is one of the reasons as to why it should remain a necessary agency in the US.