What should the CFPB do (or not do)?

The New York Times has published what it calls a debate on how the Consumer Financial Protection Bureau should (or should not) exercise its power. It's actually six essays by . . .

New York AG Eric Schneiderman [Reforms in mortgage abuse can become regulations. Action on debt and
credit can be expanded. Financial literacy can be a priority.]

Law prof Todd Zywicki [The wave of regulation since the financial crisis has already hurt vulnerable, low-income consumers.]

Consumer advocate Chi Chi Wu [Abuses and errors by credit agencies and debt collectors can be reined in and well-regulated now.]

Head of the National Association of Student Financial Aid Administrators Justin Draeger [Voluntary actions by lenders should become federal requirements as the private loan market continues to grow.]

Financial industry lawyer Andrew Sandler [The agency has noble goals, but parts of its approach may be
self-defeating. When financial businesses feel skittish, vulnerable
consumers are likely to be shut out.]

Housing finance specialist Julia Gordon [The mortgage servicing system is still rife with problems. Families
shouldn't be having their homes sold in foreclosure when they're trying
to negotiate a solution.]


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