From: Star-Tribune
The Consumer Financial Protection Bureau is answerable to no one, and its tsunami of regulations is stifling local banks.
By Noah W. Wilcox
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Among the top concerns to reformers is the Consumer Financial Protection Bureau, an independent federal agency that is accountable to neither Congress nor the White House. The CFPB has churned out a flow of new financial regulations so complex and overwhelming that the bureau is ultimately harming those it is charged with protecting — individual consumers.
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The CFPB’s complex regulatory framework poses a tangible threat to the local communities that depend on community banks — which bear a disproportionate burden from any regulation because of their smaller size.