Banks should learn from the lesson the CFPB didn’t

The battle lines have been drawn since the Trump election, and now the future of the Consumer Financial Protection Bureau hangs in both the courts and congressional actions.

“The CFPB has proven to be a strong consumer agency that helps level the playing field for working families … big banks and their allies in Congress are so eager to strangle the agency any way they can.” -Senator Elizabeth Warren

“No person in America, particularly an unelected person, should have the power, unilaterally, to decide what credit cards should go in our wallet, whether or not we can have a mortgage, and whether or not, if we like our banker, we can keep her. This agency is just out of control.” -Jeb Hensarling, House Finance Committee Chairman

There’s a laughable irony in the looming chopping of the CFPB’s autocratic power. The scariest agency in the financial industry assumes the role of police, prosecutor, judge, jury and executioner with complete authority to protect its own interests – and consumers, when convenient. After having the structure deemed unconstitutional, it appears to be a matter of time before the CFPB will have its own oversight to consider and be accountable itself. I suppose it is poetic justice that it is its own damn fault.

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