Tag Archives: Consumer Financial Protection Bureau

Credit due: To Congress and the president for de-litigating financial contracts

Source: Heartland Institute
by Billy Aouste

“Behold the very awful Obama holdover Richard Cordray — STILL head of the very awful Consumer Financial Protection Bureau (CFPB): ‘CFPB Issues Rule Banning Arbitration Clauses in Finance Contracts.’ Get that? The unelected Cordray and his unelected bureaucrats — (further) inserted the government into every single financial contract negotiation to ever again occur. And banned something — from every financial contract ever again drafted anywhere in the United States. That’s not HUGE government or anything. Does the Constitution expressly empower the government to do this? Heavens no. Did the Congress pass legislation — that ignores the Constitution and empowers the government to do this? Heavens no — not even that. The very awful Cordray and his fellow CFPB Swamp Creatures — simply empowered themselves, and the tens of thousands of bureaucrats to follow. … Thankfully, Trump and this Congress are bailing the water Cordray and the CFPB are drilling holes in the boat to bring on board.” (11/05/17)


Cutting off consumers

Source: Competitive Enterprise Institute
by Daniel Press

“The Consumer Financial Protection Bureau just released a new rule against payday loans, but instead of helping consumers avoid some pitfalls of borrowing, it will create serious problems for them. For starters, in the wake of the Equifax scandal that exposed millions of Americans’ personal data to hackers, the regulation plans to put millions more at risk. The new rule mandates that lenders collect and share sensitive customer data with credit reporting agencies, including Equifax. This unnecessarily puts an enormous amount of customer data at risk, but the CFPB doesn’t see it this way.” (10/11/17)


Consumers harmed by Consumer Protection Bureau — again

Source: Competitive Enterprise Institute
by Iain Murray

“Yesterday, the Consumer Financial Protection Bureau issued yet another rule that will harm consumers. A new rule on small dollar loans will kill off about 75 percent of the existing small dollar loan industry, according to the Bureau’s own figures. Yet the Bureau and its boosters like to talk about how much it is helping consumers, cracking down on wrong-doers and returning money to consumers. What they don’t admit is that regulators are making life difficult for many consumers — especially those on the margins of the banking system. Or that regulators missed the biggest frauds and missteps, like the Equifax security breach, until many consumers were harmed. Taken together, these problems mean that the CFPB may be doing as much harm as good.” (10/06/17)