As with most things involving government agencies it’s actually doing more harm than good.Bring on the banking fees!!!!!!!
In fiscal 2025 the CFPB will cost taxpayers an unnecessary $1 billion. These funds are being spent on antimarket enforcement actions and regulations that actually harm consumers. And the CFPB is performing a function that could be done more efficiently by other agencies.
Mr. Trump should go a step further and shut the CFPB down. As I pointed out in these pages in May, the bureau is operating illegally. Congress mandated that it be funded by the earnings of the Federal Reserve, but there have been no earnings since the Fed began incurring losses in September 2022 due to rising interest rates. These losses currently total $219.6 billion. The CFPB’s defense, in 13 pending enforcement cases where defendants have raised the illegality of funding, is that “earnings” really means revenue, an absurd claim under accounting standards. It is telling that the Fed, the source of illegal funding, has been silent on