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The Pros And Cons Of CFPB Reform

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In recent discussion and research with my business teacher, I came upon the destructive and unconstitutional nature of the Consumer Financial Protection Bureau(CFPB). I was very disheartened as a Carson City resident in seeing the multiple growth of expansive and cruel moneylenders infiltrating my city with the recent addition of multiple locations. I was perplexed at the factor that CFPB was not carrying out its job of implementing proper education on the harms of these money loan providers with an average interest of over 600%. Instead they are passing laws that affect consumers to make their own financial decisions relating to mortgages and credit cards. I formally agree with Chairman Jeb Hensarling regarding the reform of the CFPB and making it a mission to have congress pass laws concerning the protection of our consumers whereas the CFPB should implement the education and enforce the laws passed. …show more content…

1018 (CFPB Constitutional Reform Act) passed and reformed in both the House and Senate implemented into law or the Financial Choice Act of 2016 (H.R. 5983) readministered in to the 115th congress to replace the Dodd-Frank Act, which includes CFPB reform as well as other needed financial reform to help the ailing small business owners of America and allow for a competitive and Invisible hand method for our economy. I find great importance in this issue, because I hope to someday open my own small business. This is a very concerning issue not only to me, but a majority of your constituents and since it has been ruled unconstitutional by the U.S Court of Appeals in the D.C circuit it must be handled in a timely and well implemented

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