COMMENTARY: Above the Law – Consumer Financial Protection Bureau (CFPB) Needs to be Reformed

The Consumer Financial Protection Bureau (CFPB) needs to be reformed whether Hillary Clinton or Donald Trump wins this fall.  They are now in the process of passing on a new rule that will hurt the very people it is supposed to protect.  Middle and low income Americans are sometimes in need of small-dollar short-term loans and the CFPB’s new rule would create a massive new paperwork burden that will deter consumers from taking loans and discourage online lenders from accepting loans for fear of violating the existing rule – then getting sued.

Insiders on Capitol Hill view the CFPB with skepticism, because they don’t answer to Congress.  The Dodd-Frank law set them up with a funding stream that is not reliant on Congress. This puts them in a position where they don’t have to answer to anybody and they can issue rules and regulations with little recourse from the American…



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