Vail Daily column: Failures of the Consumer Finance Protection Bureau

By Edward Stoner

One of the early stated goals of the Dodd Frank Act was to create an all powerful, all knowing quasi government agency to protect consumers from the evil clutches of big banks. They called it by a very innocuous (and civic-minded sounding) name of the “Consumer Finance Protection Bureau” (aka the CFPB).While that sounds like a group that would lead the charge against widows and orphans being overcharged (and they might do that) the reality is the old adage that those who do something well do it, and those who have not a clue what they speak of regulate it.What …

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