On Wednesday the Financial Institutions and Consumer Credit Subcommittee held a hearing to review the roles and responsibilities of consumer reporting agencies.
"According to the FTC, nearly 20% of Americans have errors on their credit report. Furthermore, 5% of Americans have errors that could expose them to higher interest rates or lose access to consumer credit through no fault of their own," said Subcommittee Chair Shelley Moore Capito (R-WV). "Today we will learn more about the systems that credit bureaus have in place to resolve discrepancies on a consumer credit report. We must work together to ensure that consumers who have legitimate discrepancies on their credit report can have them removed as quickly as possible."
MEMBER SPOTLIGHT
Rep. Mick Mulvaney | Mulvaney on the CFPB
Rep. Mulvaney tells the Credit Union Times the CFPB is “a wonderful example of how a bureaucracy will function if it has no accountability to anybody.”
Weekend Must Reads
Investor's Business Daily | These 5 Facts Debunk U.S. Jobs Recovery Myth
The purpose of this exercise isn't to bash President Obama. But it's curious that someone whose policies have so clearly failed would double down on his mistakes, prolonging America's economic misery. Despite 0% interest rates, $7 trillion in added debt, more than $1.5 trillion in stimulus, and the Fed creating more than $4.5 trillion in new money out of thin air, our economy just stumbles along. Those hoping for a sudden burst of job-creating growth aren't likely to see it until there's a change in Washington. Until then, keep the champagne on ice.
Real Clear Markets | How Long Can the Economy Absorb Excessive Government Spending?
Few people would continue borrowing to spend beyond their means. Even if so inclined, consequences quickly eliminate this as a viable option. People would be even more loathe to let an outside entity garnish their wages indiscriminately (which is what taxation is to the economy) to pay for it. Most would succumb to the consequences, and their senses, and align spending with income.
Investor's Business Daily | Dodd-Frank Now Coming For The Insurers
Onerous Dodd-Frank rules aimed at banks are now being imposed on insurance companies and other nonbanks that had virtually nothing to do with the financial crisis. And they're being foisted on them by a regulatory body made up of a bunch of political hacks who have no idea how insurance companies are even run.
In the News
Politico Pro | Growing turmoil at CFPB union
Washington Examiner | Obama's chief ad agency lands $5.7 million CFPB contract that has produced no ads to date
Bloomberg | House Lawmakers Knock FSOC Decision To Label MetLife as SIFI; Oversight Possible
Washington Post | Is the government making it harder for the middle class to buy homes?
American Banker | Small Institutions Could Be Hurt by Operation Choke Point: Lawmakers
Wall Street Journal | The SEC's New 'Thought Crime'
Wall Street Journal | The Feds Choke Off Native American Income
Washington Times | McAuliffe Cabinet official violated anti-lobbying rules: watchdog
Wall Street Journal | The Latest Twist in a Regulatory Sham
Wall Street Journal | MetLife's Too-Big-to-Fail Fight
The Times-Picayune | Louisiana community banks call for regulatory relief as numbers dwindle