The Financial Choice Act designed to undo Dodd-Frank financial regulations has passed the House and as it moves to the Senate opponents are crying foul over attempts to weaken the federal Consumer Finance Protection Bureau (CFPB). Ed Mierzwinski of the U.S. Public Interest Research Group told Consumer Reports, “The bill would leave the successful…
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As we observed in “Financial Crisis and Leviathan,” a deep recession, widespread unemployment, and fathomless debt were the prevailing conditions when the Obama administration created the federal Consumer Financial Protection Bureau in 2011. The CFPB was based on the premise that consumers were unable to look out for themselves without help from the federal…
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As we observed in “Financial Crisis and Leviathan,” in its first 14 months the Consumer Financial Protection Bureau, a new federal agency, did little besides expanding an already bloated and wasteful government. The CFPB duplicates the work of existing regulators and worsens a crisis government played a major role in causing through programs such…
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After the mortgage crisis left many homeowners in foreclosure, the federal government cut a $3.6 billion settlement with banks accused of wrongful evictions and such. But now those settlement checks are being returned for “insufficient funds.” As the New York Times noted, the government chose Rust Consulting to distribute the checks. But Rust failed…
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“In June 2009, President Obama proposed to address failures of consumer protection by establishing a new financial agency to focus directly on consumers, rather than on bank safety and soundness or on monetary policy.” So explains the Consumer Finance Protection Bureau (CFPB), the new federal agency that emerged in the midst of a deep…
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