ARRA News Service
ARRA News Service facebook page  
News for social, fiscal & national security conservatives who believe in God, family & the USA. Upholding the rights granted by God & guaranteed by the U.S. Constitution, traditional family values, "republican" principles / ideals, transparent & limited "smaller" government, free markets, lower taxes, due process of law, liberty & individual freedom. All content approval rests with the ARRA News Service Editor. Opinions are those of the authors. While varied positions are reported, beliefs & principles remain fixed. No revenue is generated for or by this site - no paid ads accepted - no payments for articles. Fair Use doctrine is posted & used.
Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year]
Contact: editor@arranewsservice.com (Pub. Since July, 2006)
    Home Page

One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Monday, April 10, 2017

CFPB Must Be Reined In

Rep. French Hill
by French Hill: Washington, D.C.'s idea of government may have changed, but the American people's has not. This is a significant observation I have made since returning to Washington after living and working for 25 years in central Arkansas.

In Washington, accountability has gone from a focal point of governance to a relative afterthought.

The rest of America doesn't approve of Washington's dismissal of accountability. When I'm home in Arkansas, I haven't met very many people--if any--who have told me they don't agree with the idea that our government needs to be accountable to the people; likewise, I haven't met many people who said they disapprove of our constitutional system of checks and balances.

Yet inside "the Beltway" of our federal government, there is this inexplicable movement to enshrine anti-accountability policies and agencies into law. When I was a young Senate staffer in the 1980s, accountability was a fully and wholly bipartisan endeavor. In 2017, now even accountability can have a partisan taste to it, or at least that is what the battle over the Consumer Financial Protection Bureau (CFPB) has shown.

The CFPB has become arguably the least accountable government agency.

The director can be fired only for "inefficiency, neglect of duty, or malfeasance," and because the CFPB is an independent agency located within the Fed--which also amazingly has no authority over the agency--and is not subject to the appropriations process, neither the administration nor Congress has a say over the CFPB's actions.

Last September, a federal appeals court ruled CFPB's organizational structure unconstitutional and said that its unelected director "enjoys more unilateral authority than any other officer in any of the three branches of government of the U.S. government, other than the president."

Consumer protection is of the utmost importance, and prior to the creation of the CFPB, the government at both the state and local level had extensive consumer-protection laws and regulations in place and agencies fully tasked with their enforcement. And never in my long community banking career did I see a financial regulator shirk their consumer protection responsibility.

The massive amounts of raw consumer data the CFPB collects, its foray into areas it was specifically prohibited from regulating including auto lending and the practice of law, and the lavish renovation of its leased headquarters--which is costing taxpayers over $200 million--only underscore the need for intensive accountability and transparency.

But as the evolution of Washington has gone, none of that matters; only messaging matters. Defenders of CFPB essentially argue that with an agency named for consumer financial protection, how could it be anything but a good steward of consumer needs and protections? We don't apply that standard to any other agency in government; having a consumer-friendly name doesn't absolve it from the necessity of standard congressional oversight.

When you pull back the curtain on this perceived irreproachable agency, you see something much uglier than its name might suggest.

But the worst part about the CFPB is that the agency's practices are actually harming consumers. By limiting, eliminating, or increasing costs on products that financial institutions can offer, the CFPB's practices are growing the ranks of unbanked and underbanked Americans. The Dodd-Frank Act and CFPB policies have increased the price of basic banking services and reduced the availability of short-term credit options for low-income Americans, continuing to push them into more expensive--and potentially unregulated--credit options. To illustrate this, before Dodd Frank, 75 percent of consumers could find "free checking." By 2015, just 37 percent of banks offer true "free checking."

CFPB's "Ability to Repay" and "Qualified Mortgage" rules also have made it more difficult for low- and middle-income borrowers to qualify for a mortgage, with some community banks exiting residential lending altogether due to the complexity and burdens of the rules. The "Know Before You Owe" rule, despite its name, has continued to cause consumer confusion and costly delays in the closing process, not to mention the billions of dollars the real estate industry spends in implementing the rule--resources that could have been extended as credit or directed toward product innovation.

Under the leadership of Chairman Jeb Hensarling, the House Financial Services Committee has proposed the Financial CHOICE Act, which will help increase consumer choice and access to affordable credit and capital for all Americans.

One of the main pillars of the CHOICE Act is to bring accountability back to Washington regulators, including the CFPB. The CHOICE Act will provide structural reforms to the CFPB, including making it subject to appropriations and requiring comprehensive cost-benefit analysis for rule-makings.

By creating checks and balances for CFPB, the CHOICE Act will make it more accountable to Congress and the American people so that it can effectively do the job it was designed to do--protect consumers.
----------------------
U.S. Representative French Hill represents Arkansas' 2nd District. His article was provided by his office and previously ran on Arkansas Online

Tags: French Hill, U.S. Representative, Arkansas, 2nd District, Reined In, CFPB To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service and "Like" Facebook Page - Thanks!
Posted by Bill Smith at 11:00 AM - Post Link

0 Comments:

Post a Comment

<< Home


national debt
Don't miss anything!
Subscribe to the
ARRA News Service
It's FREE & No Ads!

You will receive a verification email
& must validate you subscribed!

You Then Receive One Email Each AM
With Prior Days Articles / Toons / More


Also, Join us at:
Facebook.com/ARRANewsService


Recent Posts:
Personal Tweets by the editor:
Dr. Bill - OzarkGuru
#Conservative #Constitution #NRA #GunRights #military 22 yr #veteran #professor #Christian #ProLife #TCOT #SGP #CCOT #schoolchoice #fairtax Married-50+yrs #MAGA


Action Links!
Arkansas State Senators
AR State Representatives
Arkansas Governor Office
Arkansas Attorney General
Bankrupting America
US House of Representatives
US Senators
Family Research Council
GrassFire
NumbersUSA
Ballotpedia
Judgepedia
Sunshine Review

Facebook Accts - Dr. Bill Smith
Pages:
ARRA News Service
Arkansans Against Big Government
Alley-White Am. Legion #52
Catholics & Protestants United Against Discrimination
End Taxpayer Funding of NPR
Overturn Roe V. Wade
Prolife Soldiers
Project Wildfire
Republican Liberty Caucus of Arkansas
The Gold Standard
US Atty Gen Loretta Lynch, aka Eric Holder, Must Go
Veterans for Sarah Palin
Why Vote for Hillary (Satire)
FB Groups:
Arkansas For Sarah Palin
Arkansas Conservative Caucus
Arkansas County Tea Party
Arkansans' Discussion Group on National Issues
Blogs for Borders
Conservative Solutions
Conservative Voices
Defend Marriage -- Arkansas
FairTax
FairTax Nation
Arkansas for FairTax
Friends of the TEA Party in Arkansas
Freedom Roundtable
Let's Mine AR Lignite NOW!
Personhood Initiative
Pro-Life Rocks - Arkansas
Republican Network
Republican Liberty Caucus of AR
Reject the U.N.

Patriots
Exchange
Links

Request Via
Article Comment

Links to ARRA News
A Patriotic Nurse
Agora Associates
a12iggymom's Blog
America, You Asked For It!
Americans for a Free Republic
America's Best Choice
America's Whatchtower
An Ol’ Broad’s Ramblings
ARRA Twitter
As A Matter of Fact
As The Crackerhead Crumbles
Baaad Media!
Black & Right
Blogs For Borders
Blogs for Palin
Blow the Trumpet Ministry
Boot Berryism
Cap'n Bob & the Damsel
Chicago Ray Report
Chuck Baldwin - links
Citizen Pamphleteer
Common Cents
Conservative Hideout
Conservative Observer AZ
Conservative Voices
Conway Real Deal
Defeat Obama's Agenda
Diana's Corner
eGOP News
Florida Pundit
Franklin Online Outreach
Freedom For US Now
Free Zone Media Center
For God and Liberty
Garland County Republicans
Greater Fitchburg For Life
Guns and Religion
Lasting Liberty Blog
Liberal Isn't Amy
Liberty's Lifeline
Maggie's Notebook
Marathon Pundit
Monkey in the Middle
NASA Satellites
No Runny Eggs
Okie Campaigns
Our Voices Arkansas
Patriot's Corner
ProLifeBlogs
Publius Forum
Randy's Roundtable
Real Debate Wisconsin
Religion and Morality
Right on Issues that Matter
Right Reason
Rocking on the Right Side
Saber Point
Saline Watchdog
Secure Arkansas
Sentry Journal
Sultan Knish
Teresamerica
Stop Obama Satire & Cartoons
The Arkansas Patriot
The Audacity of Logic
The Blue Eye View
The Bobo Files
The Born Again Americans
TEA Party Cartoons
The Conservative Citizen
The Foxhole | Unapologetic Patriot
The Liberty Republican
The Lid
The Looking Spoon
The Maritime Sentry
The O Word
The Path to Tyranny Blog
The Real Polichick
TOTUS
Truth About Obamacare
Twitter @ARRA
Warning Signs
Women's Prayer & Action
WyBlog

Editor's Managed Twitter Accounts
Twitter Dr. Bill Smith @arra
Twitter Arkansas @GOPNetwork
Twitter @BootBerryism
Twitter @SovereignAllies
Twitter @FairTaxNation


Editor's Recommended Orgs
Accuracy in Media (AIM)
American Committment
American Culture & Faith Institute
American Enterprise Institute
American Family Business Institute
Americans for Limited Government
Americans for Prosperity
Americans for Tax Reform
American Security Council Fdn
AR Faith & Ethics Council
Arkansas Policy Foundation
Ayn Rand Institute
Bill of Rights Institute
Campaign for Working Families
Center for Individual Freedom
Center for Immigration Studies
Center for Just Society
Center for Freedom & Prosperity
Citizens Against Gov't Waste
Citizens in Charge Foundstion
Coalition for the Future American Worker
Competitive Enterprise Institute
Concerned Veterans for America
Concerned Women for America
Declaration of Am. Renewal
Eagle Forum
FairTax
Family Research Council
Family Security Matters
Franklin Center for Gov't & Public Integrity
Gingrich Productions
Global Incident Map
Great Americans
Gold Standard 2012 Project
Gun Owners of America (GOA)
David Horowitz Freedom Center
Institute For Justice
Institute for Truth in Accounting
Judicial Watch
Less Government
Media Reseach Center
National Center for Policy Analysis
National Right To Work Foundation
National Rifle Association (NRA)
National Rifle Association (NRA-ILA)
News Busters
O'Bluejacket's Patriotic Flicks
Open Secrets
Presidential Prayer Team
Religious Freedom Coalition
Renew America
Ron Paul Institute
State Policy Network
Tax Foundation
Tax Policy Center
The Club for Growth
The Federalist
The Gold Standard Now
The Heritage Foundation
The Leadership Institute
Union Facts



Blogs For Borders

Reject the United Nations

Adopt Our Troops in Prayer


Thousands of Deadly Islamic Terror Attacks Since 9/11

FairTax Nation on FaceBook
Friends of Israel
Blog Feeds
Syndicated - Get the ARRA News Service feed Syndicated!
ARRA Blog Feed

Add to Google Reader or Homepage

Add to The Free Dictionary

Powered by Blogger


  • How To Exchange Links!
  • Comments by contributing authors or other sources do not necessarily reflect the position the editor, other contributing authors, sources, readers, or commenters. No contributors, or editors are paid for articles, images, cartoons, etc. While having reported on and promoting the beliefs associated with the ARRA, this blog/site is not controlled by nor funded by the ARRA. This site/blog does not advertise for money or services nor does it solicit funding for its support.
  • Fair Use: This site/blog may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. Such material is made available to advance understanding of political, human rights, economic, democracy, and social justice issues, etc. This constitutes a 'fair use' of such copyrighted material as provided for in section Title 17 U.S.C. Section 107 of the US Copyright Law. Per said section, the material on this site/blog is distributed without profit to readers to view for the expressed purpose of viewing the included information for research, educational, or satirical purposes. Any person/entity seeking to use copyrighted material shared on this site/blog for purposes that go beyond "fair use," must obtain permission from the copyright owner.
  • © 2006 - 2016 ARRA News Service
Creative Commons License
Creative Commons Attribution Noncommercial Share Alike 3.0 Unported License.