There has been a certain recklessness about the Consumer Financial Protection Bureau that has made me uneasy about the new government agency from the start; apparently I am not alone. On June 21, a $293 million community bank in Texas filed a lawsuit against the U.S. Treasury Department and others challenging the constitutionality of the CFPB.
So many things about the CFPB just smell wrong. First, the Bureau’s unusual funding mechanism through the Federal Reserve protects it from Congress and insulates it from elected officials and taxpayers. Second, both its leaders so far have . . .
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