FIRST LOOK: THE SEESAW CFPB
FIRST LOOK: THE SEESAW CFPB — From Consumer Bankers Assoc. CEO Richard Hunt’s prepared testimony at Wednesday’s House Financial Services Committee hearing on the CFPB: “When Congress … created the Bureau, it was granted jurisdiction over more than 11,000 banks and credit unions as well as countless non-depository institutions.
“It was also given unprecedented rulemaking, supervision, and enforcement powers for nearly every financial institution and virtually all consumer financial products. All of that power was given to a single director …It also means the next director has the sole authority to undo every one of those actions – like a political pendulum, swinging with each new Administration.” Full testimony.