Here. An excerpt:
For some banks and industrial lenders, the new oversight may be so costly that they stop offering some products, says Bill Himpler, vice president of the American Financial Services Association, a trade group for card companies, mortgage lenders and finance companies. He says the bureau's tactics put companies on the defensive.
"It doesn't leave somebody with the best feeling that what they're trying to do is ensure compliance so much as create a gotcha situation," Himpler says.
Kent Markus, who heads up the bureau's enforcement office, says the costs are necessary to make sure companies aren't preying on consumers. "We want to make it more expensive to break the law than to abide by it," he says.
Indeed, the CFPB has already given many Americans reason to believe that it will have a substantial impact in improving consumer protection in a broad range of areas. So far, the CFPB’s efforts to better oversee credit card lenders, private student loan providers and mortgage insurance companies has earned it that comparison of being “the FTC on steroids.” It is tremendously encouraging that these so-called “financial backwaters” where financial products bankrupted so many consumers are finally subject to real, meaningful federal oversight.