Today, the Competitive Enterprise Institute released a video that outlines how the Consumer Financial Protection Bureau (CFPB) actually harms consumers rather than “protects” them.
With the recent announcement of CFPB director Richard Cordray’s plans to resign at the end of the month and no nominee from the Trump Administration waiting to take his place, the future of the agency is uncertain. For years, CEI has urged Congress to make drastic reforms to the CFPB or even get rid of the rogue regulatory agency altogether – to protect consumers from its devastating policies.
“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,” said CEI’s Vice President for Strategy Iain Murray. “But the big reason for radical reform of the CFPB is that it is unconstitutional.”
Watch the video here.
Read more from CEI on the Consumer Financial Protection Bureau: