Creation of the Consumer Financial Protection Bureau

It established a new system of self-regulation for banks and credit card companies in light of their successful handling of the subprime mortgage crisis

It deregulated the financial industry to stimulate economic growth following the recession of the early 2000s

It consolidated consumer protection responsibilities from multiple agencies and increased regulatory oversight of financial institutions in response to the 2008 financial crisis

It transferred consumer protection duties from the government to private sector organizations to improve efficiency