In this version of the Old Woman and the Shoe, the Old Woman learns about a little known federal agency in Washington–the Consumer Financial Protection Bureau (CFPB). Due to CFPB’s structure, it has unchecked authority and the ability to make significant changes to lending and consumer finance markets without approval from Congress. While the administration wants to make mortgages and other credit products more accessible, the CFPB is simultaneously imposing stricter requirements, hampering banks’ ability to lend. Watch what happens to The Old Woman and her brood as they hunt for a new shoe.
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.