This week, the controversial head of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, announced he is resigning at the end of November. The Competitive Enterprise Institute has long been critical of Cordray, and is even challenging the constitutionality of the CFPB in court.
Today, CEI released a new video outlining how the CFPB actually harms consumers rather than “protects” them. CEI argues the CFPB imposes horrific costs on America’s financial system and consumers through overregulation, which has led to higher costs for financial services, loss of access to those services for lower-income consumers, and a lack of innovation.
Did you know there is a government agency in Washington that regulates large parts of the economy with no oversight from Congress or the President?
It’s called the Consumer Financial Protection Bureau… the CFPB, and this rogue agency claims to “protect” consumers.
But in reality, the CFPB attacks financial companies —drowning them in red tape and paperwork—and leaves consumers with higher costs and fewer financial choices.
Thanks to the CFPB:
- Millions of people can no longer get quick access to cash to pay their bills or handle an emergency.
- Mortgages are harder to get and more expensive.
Now these unelected bureaucrats want to take over student loans. This means students who need financial aid, could find themselves locked out of higher education.
And worst of all, the CFPB’s thousands of rules and one-size-fits-all policies make it harder for Americans to gain financial security and take control of our future.
It’s time to rein in this unaccountable regulatory agency.
We need to take control of the CFPB, before it takes control of us.
Read more from CEI on the Consumer Financial Protection Bureau:
- Oped – Consumers Harmed by Consumer Protection Bureau – Again
- Oped – ‘Drain the swamp?’ Start with the CFPB
- Research – The Case against the Consumer Financial Protection Bureau