by Jeff Sovern
Many opponents of the CFPB come from the so-called Bible Belt, so it's interesting to see what the Bible says about consumer protection. I am not by any means a biblical scholar, but in the course of studying consumer law, I've come across some relevant quotes. If you know of others, please add them to the comments.
Leviticus 19:14 commands "You shall not put a stumbling block in the path of the blind." A Jewish studies student explained to me that this has been interpreted as meaning that you should not deceive ignorant consumers. Of course, we now know that such consumer ignorance led to the Great Recession. One of the Bureau's goals has been to aid consumers in understanding consumer credit contracts; to this end, it has already begun its "Know Before You Owe" campaign.
Similarly, the Bible warns against stealing another's mind. Ancient sages saw this too as an injunction against deception. Thus, the Talmud, a text written centuries ago by rabbis, instructs butchers not to sell meat from a diseased animal, even at a fair price for meat from such an animal, without disclosing the source of the meat. So again we see a focus on disclosure and understanding. More support for the Bureau.
Leviticus also states "Just weights and measures shall you have." Lev. 19:36. The Talmud expanded on this when it instructed shopkeepers on how often they are obliged to clean their weights. Certainly the predatory loans the Bureau is intended to prevent are not "just."
Exodus 22:25 says: "If you lend money to any of my people with you who is poor, you shall not be to him as a creditor, and you shall not exact interest from him." Debt buyers, to take only one example, act as creditors, and so violate this command, and the Bureau has some authority to regulate the behavior of debt collectors. I won't even address the part of the sentence that speaks to exacting interest, since Congress defeated an attempt to give the Bureau jurisdiction over usury.
In short, the Bureau's goals are aligned with the Bible's. How then, can those who purport to follow the Bible's commands justify opposing the Bureau?