Recently, the Consumer Financial Protection Bureau released their latest attempt to stifle lending in the United States via rules governing short-term loans. And it has prompted widespread opposition.
One of the voices has been former GOP Presidential candidate, and Editor in Chief of Forbes Media, Steve Forbes. He noted:
“The Consumer Financial Protection Bureau (CFPB) has been the source and driver of the most aggressive, unchecked assault on American commerce in modern times. Since its inception, the CFPB has issued a mountain of rules that have done nothing but restricted consumers’ access to credit and other basic financial services, while imposing billions of dollars in unnecessary costs and creating millions of hours of compliance paperwork for small businesses.
It is no wonder that a federal appeals court last year ruled that the CFPB’s unaccountable governing structure was unconstitutional. In an ironic twist, the CFPB just released a survey which found that nearly half of U.S. adults struggle with their finances. This is all the more reason why we need to eliminate the CFPB, once and for all, so that the American people will be freed from the agency’s regulatory chokehold and be allowed to take control of their financial futures again.”
Were people clamoring for more government regulation on how they access credit in the United States? Not really.
What are your thoughts?