Bair has a new book out, and so has been the subject of some media attention. CNN/Money interviewed her and among the questions was an exchange about the CFPB. Her reply:
I support the Bureau, and I also strongly endorse it in the book. And I think they’re doing a good job. I am, if I have one little complaint, and I do have one little complaint, it is that the rules are still too long and complex. . . . I think consumers can understand what their rights and protections are. Smaller banks have basically gotten out of consumer finance because it’s just too hard. The compliance costs are just too hard. . . .
But they’re ramping up. Finally somebody is examining the non-bank sector, and establishing more of an enforcement presence there, which I think is very important. And I think they are sending a strong signal to regulated banks as well, but in a way that seems to me, the cases I’ve seen, are very much justified and in line with their mandate. So, I don’t for the life of me understand why there is this continued controversy and turmoil over the Consumer Bureau. We did not do a good job protecting consumers of financial products leading up to the crisis. So, it just didn’t happen. And having a bureau that specifically focused on that I think is a positive thing, and over time it will prove itself.
