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Adjust the rules to help consumers: Second Look

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Adjust the rules to help consumers: Second Look


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Letter to the editor:

The goals of the Consumer Financial Protection Bureau (CFPB) are admirable. But the one-size-fits-all regulatory environment brought about by its single-director structure just isn’t working. Creating a commission of multiple voices to lead the bureau would allow it to function in the best interests of consumers.

The current regulatory environment treats Wall Street and Main Street the same.

A system that doesn’t affect the big banks but forces credit unions to withdraw consumer-friendly products from the marketplace, surely wasn’t an outcome policymakers had in mind when creating the CFPB.

It’s commendable that the CFPB has achieved $11.8 billion in relief for 29 million consumers over the past nearly six years. But credit unions deliver roughly $10 billion in savings to more than 100 million consumer members each year. Those savings are in jeopardy under a one-size-fits-all regulatory climate.

Jim Nussle, Credit Union National Association; Washington, D.C.

Facebook comments are edited for clarity and grammar:

This is a group that President Trump promised he would get rid of. We don’t need “potection” from the CFPB; we need to get rid of it all together!

— Larry Hubble

Government should protect us from our enemies, the elements and diseases. Guarantee the safety of our food, workplace and goods.

— Walter Lampton

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