Financial Institutions and Consumer Credit Subcommittee Chairman Rep. Randy
Neugebauer (R-TX), evaluating the five-year history of the Consumer Financial Protection Bureau (CFPB), informs MHProNews the agency does not perform in a sustainable manner, lacks transparency and accountability, and is “susceptible to political influence.” He sees value in the agency but would like to re-structure it. He says in a video, “We must reflect and focus on what consumer protection means for credit availability, the cost of credit, and consumer choice,” and notes the government should not make financial choices for the American people. He recounts the story of a constituent who does not want to lose her overdraft protection on her prepaid credit card. “Consumer protection does not happen in a vacuum. New regulations and regulatory actions have consequences for real people,” he says, suggesting the pendulum may be swinging too far towards paternalism in the amount of protection offered by the CFPB, which does not allow for innovation in the marketplace. ##
(Video credit: YouTube; image credit: Consumer Financial Protection Bureau)
Article submitted by Matthew J. Silver to-Daily Business News-MHProNews.