The CFPB was set up to establish an unaccountable slush fund for liberals.
First they accused the banks of racism for not lending to minorities who did not qualify for conventional loans.
When the banks found themselves burdened with the resulting non-performing loans, they and the quasi-government loan insuring agencies bundled those bad loans with good loans and sold them as investment packages with high interest rates.
When those agencies found high demand for those bundled loans, they set up huge incentives for managers to sell ever increasing volumes of these high interest/high risk loan packages.
Later, when those loans went into default, the government went after the banks for creating these risky investments, and imposed huge fine on those banks.
The resulting fines were unaccountable and the democrats directed those monies to shadow groups who in turn funded democrat campaigns and other liberal programs.
Franklin Raines and Jamie Gorelick made tens of millions of dollars in salary and bonuses from the scheme.
Dozens belong in jail for this fraud.
You are correct. Community reinvestment act put the banks in a position where they had to make loans to people who should not have been given so much as a library card