Ted Cruz backs bill to kill CFPB

by Ryan Smith16 Feb 2017

Democrats have promised a fight if any attempts are made to dismantle the Consumer Financial Protection Agency – and it looks like Republicans are taking them up on the challenge.

Sen. Ted Cruz (R-Texas) and Rep. John Ratcliffe (R-Texas) have introduced bills in the Senate and House that would completely abolish the agency.

The bills would repeal Title X of the Dodd-Frank Act, according to a HousingWire report. That would have the effect of abolishing the CFPB; Title X established the controversial agency in the first place.

Cruz said the CFPB does consumers more harm than good.

“Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers,” he said in a statement. “During the Obama administration, the CFPB grew in power and magnitude without any accountability to Congress and the people, and I am encouraged by the actions President Trump has begun to roll back the harmful impacts of an out-of-control bureaucracy.”

“The past several years showed us precisely why massive swaths of federal regulations are never the right solution to help hard-working Americans,” Ratliffe said. “President Trump has made it clear he’ll join us in our fight to dismantle Dodd-Frank and finally offer some relief to the small business owners throughout Texas and across the country who’ve been hit hardest by its devastating impact.”

Cruz and Ratliffe tried to abolish the CFPB two years ago, according to HousingWire. Unsurprisingly in a Democratic administration, that attempt quickly faltered. But the Texas Republicans see renewed hope under a more business-friendly Trump administration.

“While Sen. Cruz and I have been sounding the alarm on the CFPB’s federal overreach for some time now, I’m optimistic at our renewed chances of advancing this effort with a willing partner in the White House,” Ratliffe said.

 

Related stories:
Hensarling: Trump needs to fire Cordray ‘as soon as possible’
Opinion: Should Dodd-Frank be amended?

COMMENTS

  • by Bill S. | 2/16/2017 11:38:05 AM

    Cruz wants to bring back predatory lenders. His attempt to help small business is an attempt to screw the American public. Ted, just go away, nobody likes you!

  • by scared | 2/16/2017 11:51:51 AM

    The financial collapse was a result of bad mortgage products, not regulations, once mortgage products were brought back to full documenting status proving people could repay their debt, the performance of those mortgages immediately were 100 fold better;
    the regulatory crush that Dodd/Frank caused, putting aside any predatory lending schemes, did very little to assist borrowers with better performance and only added red tape and useless salaries to the process, the country could probably add up all the compliance salaries in lenders officers and pay off the national debt with those monies!!

  • by SBHARKNESS | 2/16/2017 11:54:14 AM

    Bill. S I would like to know what you do for a living? Are you in anyway related to the CFPB? It sure feels like it because the hair on the back of my neck are standing up. Predatory lending was not stopped because of the CFPB. It was stopped by the industry itself with Loan Officer Licensing and background checks. All the CFPB does is cause the homebuyer to feel as if they have been molested. Yes, I said, "Molested!" I have had numerous clients tell me had they known what they had to go through to lower their interest rate they would of stayed with the higher rate. Minorities, especially feel as if they are being put under the microscope and dissected for some reason other than to insure credit worthiness. Then in Jan of 2018 you are forcing us in the mortgage industry to become spies. Your new twenty point data set that you want includes some very personal information to supposedly to insure us lenders are not discriminating.....right! I suggest that this information will be used by BIG BROTHER to monitor the personal lives of the american populace. After all, what better industry to give you every little personal detail about someone's life. That information we collect is for the purpose of determining a prospective borrower's ability to repay a mortgage. NOT TO GIVE YOU "BIG BROTHER" all information about people's private lives so you can monitor them. Ted Cruz...way to go. Push that Bill Through and the President will sign it. The CFPB is an abomination that needs to GO AWAY.

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