Brooklyn's David Reiss has written an op-ed for The Hill, Americans are better off with consumer protection in place. Excerpt:
[T]he [Treasury] report argues that the bureau’s jurisdiction overlaps with that of other regulators. That is a red herring. The fact is that abusive lending practices were rampant in the years leading up to the financial crisis. The CFPB has dramatically reduced those practices where the previous regulators like the Federal Reserve turned a blind eye to them. Safety and soundness regulators like the Fed and the Office of the Comptroller of the Currency have typically placed consumer protection at the bottom of their list of concerns. * * *
The fact is that many of the Treasury’s criticisms can be addressed by the next CFPB director. The next director will be appointed by the president after the term of the current director, Richard Cordray, ends next year. There is little need for legislative action that will likely provide the bureau’s opponents with cover to gut [an] effective consumer protection regime * * *
