The Consumer Financial Protection Bureau turns five this week, but not everyone seems to be celebrating: the Republican platform adopted at the party’s recent National Convention calls for the CFPB to be abolished or, at a minimum, overhauled.

The agency has provided $11.7 billion in relief for more than 27 million consumers across the country since its inception in 2011, and has ordered companies to fork over an additional half billion in penalties. It has sued multiple companies in federal court and brought administrative actions over alleged illegal activity.

"A lot of people, including myself, believe that the CFPB's overriding philosophy has been to regulate through enforcement rather than actually issuing regulations," says Alan S. Kaplinsky, an attorney at Ballard Spahr who represents financial institutions.

Critics say the CFPB's actions have limited consumers’ access to financial services and treat Americans as if they're incapable of making good financial decisions. Industry groups feel the law as written gives too much power to the CFPB. Not only illegal activities, but practices the bureau deems "unfair, deceptive or abusive" can get them into trouble, which hampers innovation, they say.

"These terms are very vague and as a result everyone is more cautious," says Kaplinsky. "The question I get asked now is not whether our new product complies with applicable laws, but how is the CFPB going to react to what we're doing."