It is a fact that we need to get rid of leftist Pretendian Elizabeth Warren’s Consumer Financial Protection Bureau (CFPB), but we should not simply shut it down all at once. If we do, Joe Biden wins on too many things.
There is nothing at all redeemable about the CFPB, certainly. But it has been in force for years and in so doing has set in motion a raft of dangerous plans that need to be rolled back and revoked. This thing is, if we simply end it all at once, some of these dangerous policies will go into effect. And we do not want that.
Red State’s Ward Clark raised the alarm:
A report from Davis Wright Tremaine LLP, a law firm that advises on regulatory issues, has a report detailing the CFPB’s open actions, noting which require review by Congress under the Congressional Review Act (CRA.) You can see the full report from Davis Wright Tremaine here. Some examples:
1) A final rule on something called the “Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V).” This bans the inclusion of medical bills on credit reports. The CFPB released the final rule before President Trump’s inauguration, and it was published in the Federal Register on January 14, 2025. Congress has the authority to review this under the CRA.
Advertisement2) Another final rule, on the “Residential Property Assessed Clean Energy Financing (Regulation 7.)” This prescribes something called an “ability-to-repay” rule for Property Assessed Clean Energy financing. This was published in the Federal Register on January 1st, 2025. Congress, again, has the authority to review this under the CRA.
3) Another final rule, this one on the “Overdraft Lending: Very Large Financial Institutions Final Rule,” updates regulatory exceptions for overdraft credit provided by very large financial institutions. Published in the Federal Register on December 30, 2024. Congress still has the authority to review under the CRA.
Clark notes that we need to get people in place to shut these initiatives down before we end the CFPB.
Not bad advice at all.
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