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GOP Debate Ad Takes Aim at the CFPB
Thursday, November 12, 2015 6:45 AM

During the November 10 Republican Presidential Debate, an advertisement appeared that took aim at the Consumer Financial Protection Bureau. According to Pymnts.com, the ad's accusation is that one of the ways the CFPB “helps” low-income workers avoid debt is by simply making it impossible for any lender to legally take on the risk of loaning them any money.

The ad got some attention, especially from its target, Massachusetts Sen. Elizabeth Warren, whose face is pictured on one of the red banners in the background of the ad. Warren set off a Twitter storm in response, and accused the GOP of going after the CFPB to please its Wall Street “buddies” and save them millions. She lauded the CFPB's successes and popularity among those whom it has helped.

Pymnts said the message of the ad was this: The CFPB exists to get between consumers and lenders, shield them out of access to credit and, on the whole, protect consumers to death. The call to action: Write your congressman and ask him to stop the out-of-control CFPB.

This advertisement was paid for by the American Action Network, a conservative think tank. The AAN works closely with the American Action Forum, which focuses on policy research and is run by former Congressional Budget Office Director Doug Holtz-Eakin.

For good or for bad, it's clear that many of the agency's rules and regulations intended to help the consumer are also affecting financial institutions with intended and unintended consequences that impact consumers as well. This is why it's essential for credit unions to redouble their advocacy efforts to reduce regulatory burden and ensure the CFPB works efficiently for everyone. The next time you're called up on to answer a call to action or write a comment letter, we hope you'll pitch in.