Document Type

Article

Publication Date

9-12-2011

Keywords

United States. Consumer Financial Protection Bureau, Predatory lending, Subprime mortgages, Systemic risk

Disciplines

Banking and Finance Law | Consumer Protection Law

Abstract

There is a lot of debate in the Senate regarding the appropriate structure and jurisdiction of the Consumer Financial Protection Bureau. But much of the criticism of the CFPB is merely tactical.

Given that it is impossible to kill off the bureau in the current political environment, powerful financial industry interests are seeking to sufficiently hamstring it so as to make it completely ineffective.

Thus, debates over Elizabeth Warren’s qualifications and the structure of the leadership of the CFPB were more about this tactical goal than the actual issues themselves.

Comments

This article predates the author's affiliation with Cornell Law School.

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