CNN Money discusses the Consumer Financial Protection Bureau and its director with John Berlau.
CFPB Director Richard Cordray has “inundated Main Street financial firms…with a flood of burdensome mandates,” John Berlau, a senior fellow at the libertarian Competitive Enterprise Institute, wrote in a memo proposing changes for the Trump administration.
Berlau told CNNMoney he believes President-elect Donald Trump will have the grounds even under Dodd-Frank’s stringent standards to remove Cordray for cause.
The CFPB was dealt a blow in October by a federal court that ruled the agency is “unconstitutionally structured” due to its single-director structure.
But Berlau’s Competitive Enterprise Institute thinks the CFPB has gone too far.
The group is suing the CFPB on behalf of a small Texas bank that claims CFPB regulation forced it to stop issuing mortgages. Berlau argues the CFPB’s refusal to exempt smaller lenders from its qualified mortgage rules has hurt access to credit by making it easier to sue banks for overestimating borrowers’ ability to pay.
Read the full article at CNN Money.