David Williams, president of the Taxpayers Protection Alliance (TPA), said the Consumer Financial Protection Bureau (CFPB) “is just not needed” because there are other government agencies “that have existed for years” to deal with fraud.
“When you talk about mortgage fraud or any sort of fraud, there are government agencies that have existed for years to deal with that,” said Williams on the American Legal Record podcast. “You have the Federal Trade Commission, you have the Securities and Exchange Commission, you have all sorts of agencies that address these problems, and that's why, at the core of it, the CFPB is just not needed.”
“What they're doing now is they're not listening to consumers, and they are more concerned about regulation,” said Williams. “Now they think that they're doing this in the interest of consumers, but it's backfiring and it really isn't helping.”
The full podcast episode with Williams is available on Apple Podcasts and Spotify.
The TPA launched a new platform in January called “CFPB Mission Creep” to 'educate the public on the negative impacts resulting from overreaching actions by unaccountable regulators' at the CFPB,” according to a press release by the group.
Williams said that the CFBP’s “actions are unconstitutional, unaccountable, and simply unacceptable to consumers and taxpayers.”
His statements come at the same time the American Financial Services Association (AFSA) launched a “national education effort” to advocate for "clarity" from the CFPB but also to promote the industry's "Consumer Credit Protections" standards.
“Consumers and our industry need clarity, not confusion, to ensure all consumers can access the credit they need,” AFSA President and CEO Bill Himpler, told Federal Newswire.
The TPA is a nonprofit organization that conducts research and analysis on various aspects of government spending and taxation. The organization engages in a range of activities, including publishing reports, organizing campaigns, and providing commentary on fiscal matters.
The CFPB was established in 2011 following the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It operates as an agency of the United States government with the primary mission to enforce federal consumer financial laws and protect consumers in the financial sector. The CFPB's jurisdiction encompasses banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, and other financial companies operating in the United States.