Recently, the second-most powerful court in the country ruled that the Consumer Financial Protection Bureau (CFPB) had been structured in an unconstitutional manner. This ruling is an important step toward protecting consumers and community banks that are such an integral part of our economy.
The CFPB was created by the Dodd-Frank legislation passed by the Democrat-controlled Congress and signed into law by President Obama in the wake of the financial crisis that began in 2008. While there was clearly a need to reform aspects of the financial services industry, CFPB and other executive agencies have issued heavy-handed regulations that have harmed community banks and hindered economic growth. Read More