Monday, December 5, 2016
1012 C Street  •  Floresville, TX 78114  •  Phone: 830-216-4519  •  Fax: 830-393-3219  • 

WCN Site Search


Preview the Paper Preview the Paper

Preview this week's Paper
A limited number of pages are displayed in this preview.
Preview this Week’s Issue ›
Subscribe Today ›

Lost & Found

Found: Red Chihuahua, male, friendly but frightened, need to find his owner, in Floresville. 830-534-6413.
*Includes FREE photo online! mywcn.com/lostandfound
Lost: Male Great Pyrenees, all white, double dew claws on back legs, sweet, shy, not aggressive, Nov. 10, C.R. 404/405, neighbors heard 2 shots, any information appreciated. 830-393-0801.
More Lost & Found ads ›

Help Wanted

*Fair Housing notice. All help wanted advertising in this newspaper is subject to the Fair Housing Act which makes it illegal to advertise "any preference limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin, or an intention, to make any such preference limitation or discrimination." This newspaper will not knowingly accept any advertising for help wanted ads, which is in violation of the law. Our readers are hereby informed that all dwellings advertised in this newspaper are available on an equal opportunity basis.
Childcare provider wanted at Sandbox Learning Center, high school diploma or GED required, training available. Call 830-393-6013 or apply in person at 88 Sandbox Lane, Floresville.
More Help Wanted ads ›

Featured Videos





Video Vault ›

Commentaries


Protecting Us From an Agency Created to Protect Us




E-Mail this Story to a Friend
Print this Story

Disclaimer:
The author of this entry is responsible for this content, which is not edited by the Wilson County News or wilsoncountynews.com.
October 6, 2015 | 2,097 views | Post a comment

By Merrill Matthews

Unaccountable government will be one of President Obama's most regrettable legacies. And the number one candidate for the model of unaccountable government? The Consumer Financial Protection Bureau, which just passed its fifth anniversary.

Texas Rep. Jeb Hensarling calls it "the single most unaccountable agency in the history of America." Indeed, Senator Ted Cruz and Rep. John Ratcliffe have introduced the Repeal CFPB Act to abolish the agency and send its regulatory functions back to the agencies that originally handled them.

Democrats created the CFPB as part of Dodd-Frank; no House Republicans voted for the legislation, and only three moderate Senate Republicans did.

And yet Congress can't cut its funding, fire its people or challenge it in court -- at least not easily. CFPB funding is controlled by the Federal Reserve Bank, yet another unaccountable organization. Maybe CFPB really stands for Congress's Formula for Protecting Bureaucracies.

It's not doing much to help government overspending either. The size of the agency and its budget have exploded since passage with no end in sight. Originally, the CFPB budget was $123 million. By 2016 it could be as high as $632 million -- a 500 percent increase in five years. And it's using that taxpayer money for mischief.

The CFPB is a regulatory monster, attacking anything that manages money: credit unions, payday lenders, student debt, and more.

Take credit unions. No one thinks that credit unions were responsible for the financial meltdown that began in 2008. Yet they have been hit with over 6,000 pages of regulations since 2009, with most coming from the CFPB. Big Wall Street players, by contrast, have mostly gotten off scot-free.

The CFPB is also working to shut down payday lenders -- companies that make small, short-term loans usually to working families of various incomes.

Critics claim that payday lenders take advantage of their customers. But banks aren't in the business of lending $100 or $200 for a week or two, until the next paycheck comes in. And if they did they'd have to charge disproportionately higher fees.

Without the payday lending industry, workers in need of immediate cash might have to pay exorbitant late charges or turn to unregulated loan sharks, or they might take a chance on writing a hot check in the hope of finding money to cover it.

If there are bad actors in the payday lending industry, then go after them. But the industry helps people who need small amounts of money immediately.

Further, consider student debt. President Obama and the CFPB are increasingly concerned about the growing burden of student debt, which has exploded under the president. Student debt now stands at $1.2 trillion -- over triple what it was a decade ago.

The problem started when Obama decided the federal government could do a better job of handling student loans than the private sector. Since Obama took the guaranteed student loan business away from private sector banks and put the federal government in charge, students have piled up more student debt than ever.

Now the CFPB wants to bring its regulatory overreach to credit unions, payday lending and other financial institutions.

But clearly, the entity most in need of regulation right now is the Consumer Financial Protection Bureau. Congress members -- and the presidential candidates -- need to explain how they will regain control over this out-of-control agency. In short, who will protect us from this agency created to protect us?

Merrill Matthews is a resident scholar with the Institute for Policy Innovation in Dallas, Texas. Follow at twitter.com/MerrillMatthews
 
‹ Previous Blog Entry
 

Your Opinions and Comments


Be the first to comment on this story!


You must be logged in to post a comment.




Not a subscriber?
Subscriber, but no password?
Forgot password?

Commentaries Archives


Commentaries
Commentaries page govtrack.us
Commentaries who represents me?
Voncille Bielefeld homeAllstate & McBride RealtyHeavenly Touch homeTriple R DC ExpertsFriesenhahn Custom Welding

  Copyright © 2007-2016 Wilson County News. All rights reserved. Web development by Drewa Designs.