Consumer Financial Protection Bureau could see wings clipped
USA Today discusses the Consumer Financial Protection Bureau’s Director Richard Cordray with John Berlau.
It has been all over the board. Critics hope the Trump Administration will scale back the bureau’s powers, with the possibility that Cordray will be replaced by a more business-friendly director, possibly a panel of commissioners. Some also want the agency’s funding determined by Congressional appropriations rather than Federal Reserve transfers.
For example, Merrill Matthews, a scholar for the Institute for Policy Innovation, recently called the CFPB the “most unaccountable organization in Washington … an agency that neither the people’s elected representatives nor the president can control.” John Berlau of the Competitive Enterprise Institute accused Cordray of flooding financial companies, including community banks and credit unions, with “burdensome mandates” while imposing large fines. “His rules have made obtaining consumer financing more difficult — and likely impossible for the poorest in America.”
Read the full article at USA Today.