Los Angeles Times, Nov. 27, 2017: Completely unnecessary spat over CFPB leaves consumers out in the cold
For his part, Trump tweeted over the weekend that the CFPB “has been a total disaster” that has left financial firms “devastated and unable to properly serve the public.”
That, of course, is total nonsense.
The CFPB has returned about $12 billion to consumers by stepping in after banks and others behave in abusive or illegal fashion. Two words: Wells Fargo.
At the same time, U.S. banks posted record profits last year and are on track for even more lucrative results this year. If that’s being devastated, all industries should wish for similar carnage.