by Jeff Sovern
Andrew Kahr, a principal in CreditBuilders LLC, had a column in the American Banker recently titled Who Really Needs the CFPB? Not Consumers at http://www.americanbanker.com/bankthink/who-really-needs-the-CFPB-not-consumers-1045296-1.html. Its reasoning is embarassing.
For example, the lead complains that the Bureau hasn't protected any consumers yet. Of course, the Bureau opened its doors only last summer and doesn't have a Director because Republicans are blocking his confirmation. It seems particularly unfair for critics to charge that the Bureau hasn't protected consumers when its critics have kept it from doing so. Then Kahr complains that the Bureau garners headlines by lobbying for Cordray's confirmation. Except that it hasn't lobbied for his confirmation.
Kahr next complains that the Bureau can pay "boundless sums" to its allies. But he doesn't identify any such payments, which suggests that it hasn't made any. If so, that's more criticism of the Bureau for not doing things that he doesn't want it to do. Then he complains about ACORN--which, as far as I know, has nothing to do with the Bureau.
There's plenty more. Kahr claims that "defects in regulation and enforcement" caused the economic crisis. If by defects he means there was too little regulation, he's right. But maybe he doesn't mean that, because the CFPB is supposed to increase regulation. Oh, and later he urges the CFPB--the agency he opposes--to address overdraft fees on checking accounts. He complains that the Bureau won't use cost-benefit analysis, but the evidence he offers is that he thinks a letter from consumer advocates to the Bureau (not from the Bureau) didn't use such analysis. He complains about prepaid cell phone terms--something the Bureau lacks jurisdiction over (as he acknowledges).
Unimpressive.
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Posted by: writing jobs | Thursday, January 05, 2012 at 11:15 AM