Few debate whether or not the Consumer Financial Protection Bureau (CFPB) helps to protect consumers, but even some Democrats are now siding with Republicans who assert that this rogue agency must be tamed. Once the GOP takes over both Chambers in January, there will only be about six months before everyone begins to focus on the election of 2016. CFPB reform will also have to compete with immigration reform and other hot topics such as reforming Obamacare and addressing our literally out of control debt. If we can simply put the CFPB under the control of the people in America through our Congress instead of the Federal Reserve and force them to deal with the appropriation process instead of having the power of the printing press via the Fed, we, the people, could make them accountable for the first time. Its not that Elizabeth Warren is all bad. I believe in certain areas she means well. But, she is in way over her head and had little understanding of the far reaching negative impacts of her actions. Simply because she is a passionate zealot who speaks with conviction, doesnt make her right. In addition to forcing the CFPB into having a budget, we need to force them into having a five member board instead of one Director who answers to no one. By taking these two simple measures, applying for a home loan would become less burdensome and less expensive. In addition, minorities, who have been hurt the most by the Democrat leadership, would be able to obtain home ownership much easier. As the author of Financial Sense To White Picket Fence and a consumer housing advocate, I am blessed to able to see both sides of this debate and know some of the good intentions of those who sought banking reform. They simply did too little in areas that mattered and too much in the areas that did not.
Posted on: Wed, 17 Dec 2014 12:49:48 +0000
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