By Dennis Shaul
In an op-ed in The Hill, Dennis Shaul, CEO of the Community Financial Services Association of America (CFSA), questioned the CFPB's rule-making agenda, independence, and concerns about the unchecked authority under a single director.
- "The agency's rulemaking has also followed a biased agenda promoted by the executive branch, often lacking any empirical or academic foundation. A glaring example is the Bureau's proposed rule on short-term credit. Progressives have long targeted the short-term lending industry. President Obama's powerful federal consumer protection agency announced its plan to regulate short-term credit on the exact same day President Obama gave a speech denouncing payday loans. We can all be certain this was not a coincidence...
Checks and balances are essential in a democracy, but the current CFPB structure leaving all decisions in the hands of a single director with unchecked power runs counter to American democratic ideals. Congress must reform the agency so it can function how it was originally intended - with independence and accountability."
Read the full article here.