My latest op-ed, in the American Banker (behind paywall but available on Lexis). An excerpt:
Polls show that the CFPB is extremely popular, even among Republican voters. So why are Republican politicians so quick to attack it? One answer is that the politicians believe that the free market provides better consumer protection than the government.
But a cynic might point to something else. Republican politicians can ignore how voters feel about consumer protection if voters don’t consider consumer protection in casting their ballots. At the same time, the financial industry makes substantial contributions to politicians. The result is that politicians benefit from taking positions that harm their constituents but bring in money without costing them votes. Ironically, Republican politicians complain that the CFPB is not accountable, but voters don’t hold them accountable for their opposition to the CFPB.
