The Consumer Financial Protection Bureau has a positive-sounding name. But in five and a half years since its creation, the CFPB has proven that the agency is merely an excuse for a massive expansion of federal regulatory power. The CFPB doesn’t protect consumers, as its name suggests. Rather, the American people need protection from the CFPB.
It’s time to end this failed experiment. Let’s return the CFPB’s regulatory responsibilities to the specific departments and agencies covering the relevant industries, and of course, to the states that have been responsible for basic consumer protection for a long, long time. I should know. As a former attorney general of Virginia, I took my responsibility to protect consumers seriously.