LA Times’s David Lazarus on the Threat the CFPB Faces in December

by Jeff Sovern

The column is titled The future isn't bright for highly successful consumer watchdog. Excerpt:

A stopgap government funding bill passed in September will expire Dec. 9. It’s widely expected that conservative members of Congress will include language in follow-up funding legislation that would change how the bureau operates and the scope of its authority over financial institutions.

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The business community says the CFPB has too much power. Most consumers would probably counter that if businesses kept their noses clean, there’d be no need for such an agency.

“Dodd-Frank and specifically the bureau have been incredibly cost-effective,” said Sally Greenberg, executive director of the National Consumers League. “They have delivered billions of dollars wrongfully taken from consumers.”

President Obama could veto such a bill while he remains in office. But obviously that isn't going to happen to bills passed after January 20.

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