On February 24th, Rep. Jeb. Hensarling (R- TX) spoke with NPR about his ongoing battle with the Consumer Financial Protection Bureau (CFPB). He argued that bank consumers must be protected not only from Wall Street, but also Washington’s over regulation. Rep. Hensarling noted that free checking accounts are down and bank fees are up (however industry research shows free checking is up almost 10% since 2010 when the CFPB was created).
Rep. Hensarling stressed that consumers are best protected when financial markets are competitive and transparent. It is important that the agencies enforcing consumer protection laws are accountable to Congress or the President. Rep. Hensarling would not say whether or not the agency should be eliminated, but he did hint at some structural and mission changes to be proposed.
Listen to the full interview here.