How much power should one agency have over how American consumers borrow, save, and bank? It’s a question we have asked since the Consumer Financial Protection Bureau (CFPB) was first proposed.
It is imperative that consumers have confidence in the financial system and the services they utilize to save and borrow. One of the best ways to protect consumers is to ensure they can select services that best meet their needs from the wide number of options provided in a competitive market.
The CFPB is heading in a direction that is trying to radically reshape the American financial services sector. In a recent speech, CFPB Director Rohit Chopra stated his intention to outright ban certain products and restructure the industry. The current ideological agenda and unlawful actions will hurt consumers, businesses of all sizes, and the economy.
Read Full Article »