Apr 28, 2015 - 9:00am

Old Woman in Shoe Explains the CFPB’s Unchecked Authority

The Old Woman in The Shoe and her many children have outgrown their small home, and they need to find a new shoe. As the Old Woman attempts to get a mortgage, she learns about a little known federal agency in Washington – the Consumer Financial Protection Bureau (CFPB) – that has unchecked authority and the ability to make sweeping changes to the lending and consumer finance market without the backstop or approval of Congress. The Old Woman and her community bank are confused by the conflicting messages coming out of Washington. On one hand, the administration is pushing for financial institutions to make mortgages and other credit products available to more Americans. On the other hand, the administration is creating regulations that impose stricter requirements, impeding  financial institutions’ ability to lend. Watch what happens to The Old Woman and her brood as they hunt for a new shoe.

Old Woman in Shoe Seeks Home Mortgage Loan

Learn more about the CFPB at www.cfpbspotlight.com. Find more information about the need to update and reform the U.S. regulatory system at www.uschamber.com/regulatory-reform.


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