Summary: Arkansas Attorney General and Republican Attorneys General Association Chairman Leslie Rutledge joined Mornings with Maria on Fox Business earlier today. The host, Maria Bartiromo, and General Rutledge discussed the “absolutely out of control” Consumer Financial Protection Bureau (CFPB).
Well the president absolutely has the authority to appoint Mick Mulvaney as (acting) director of the CFPB, and that’s why the court ruled in direct favor of this; and, what a refreshing change Mick Mulvaney has been at the CFPB from the leadership of Richard Cordray.
Hurting The Consumer
The CFPB has been absolutely out of control, its been a total behemoth in regulations that hurt Americans access to credit, small dollar lending and bankers not being able to bank. Just the simple thing, going to go buy a car or an entrepreneur wanting to start a business. No longer can Americans go down to their local bank and just do that and the bankers want to and they want to invest in their communities and they want to invest in job creators, but unfortunately, since the creation of CFPB, they haven’t been allowed…. Hopefully under Director Mulvaney and President Trump, we’re gonna get that ship turned around.
The Structure Of The CFPB
The entire structure of the CFPB, as it was set-up, was questioned and is Constitutionally uncertain. Whether or not the director has accountability to Congress, who they speak to… and whether that’s their budget, who is the director of the CFPB? That has (all) been challenged by the courts. My colleagues from Michigan, South Carolina and others, were part of that lawsuit. That’s something we’re going to continue looking at, and pushing back on is just the shear constitutionality of the structure of the CFPB.
Reforming The CFPB To Help The Consumer
The CFPB, to benefit the consumer, would allow them more access to credit and would allow them to start businesses, to take care of their families. What you see when you go to the bank now, or you borrow money are extra fees, extra costs added on a compliance cost, I’ve talked to so many individuals that have said they would much rather hire a loan officer than hire more compliance officers. Those fees are passed on to each and every one of us, across the United States, when we go in and we don’t understand when you buy a house — why is the paper work six inches taller than it was ten years ago?
WATCH the full interview here.