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Released: March 12, 2013
Why consumer agency must go, and why it should be saved
Source: Bob Sullivan, MSNBC
If the Consumer Financial Protection Bureau disappeared tomorrow, would anyone notice?
What is expected to be a contentious Senate Banking Committee confirmation hearing Tuesday for Rich Cordray, who has been temporarily leading the bureau, offers an opportunity to examine the need for a federal agency designed to protect consumers in their financial dealings.
The political dispute didn't stop the bureau from shooting out the gate, however. It its 15 months of existence, it has written a host of new rules for lenders, set up a huge public database of consumer complaints and generally irritated most of the financial industry. Many in the banking industry are still hopeful they can dismantle the CFPB, unseat Cordray and potentially undo everything the bureau has accomplished with a single court victory.
Read Full Article: Why consumer agency must go, and why it should be saved
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