From: Seeking Alpha
By Thomas Brown
Ugh. USA Today’s editorial board is just crazy about Elizabeth Warren’s CFPB:
“For decades before the creation of the Consumer Financial Protection Bureau, consumers were the orphans in a federal regime set up to regulate financial institutions. Anyone with a credit card might remember the consequences.
Banks were allowed to raise credit card interest rates on existing balances at any time for any reason. Regulators did nothing to stop it until 2008. Charging sky-high fees when a consumer missed a payment deadline even by a few minutes? Also fine with regulators. Explaining the rules in language so incomprehensible that a financial wizard would be hard-pressed to figure them out? Ditto.