RealClear Politics discusses the Consumer Financial Protection Bureau’s impact on financial regulation referencing CEI.
President Trump has successfully taken a chainsaw to some of the most onerous, economy-crushing regulations we have seen in modern times, which have disproportionally hurt consumers and small businesses. However, there are still very punitive Obama-era regulations that career bureaucrats at various federal agencies are using to undermine President Trump’s anti-regulation agenda and further squeeze consumers and small businesses.
In the six years the CFPB has operated, the agency has issued thousands of pages of rules and assessed billions of dollars in penalties. Sadly, these enforcement actions have done next to nothing to enhance “consumer protection.” For example, the CFPB fined Wells Fargo $100 million last year for opening over 3 million fake customer accounts. However, according to a recent Competitive Enterprise Institute (CEI) report, CEI exposed the inconvenient truth that CFPB did not uncover Wells Fargo’s egregious behavior. “The facts show that tension between the CFPB’s supervisory and enforcement arms led to a failure to catch Wells Fargo’s wrongdoing until after it was revealed in the media,” said CEI.
Read the full article at RealClear Politics.