THE CONSUMER FRUSTRATION AND PUNISHMENT AGENCY (CFPA)

By DICK MORRIS & EILEEN MCGANN

Published on DickMorris.com on April 26, 2010

The financial regulation bill now hurtling through Congress sets up a Consumer
Financial Protection Agency (CFPA) to police lending in America. And, as
usual, the liberals have fouled it up.

California Republican Congressman John Campbell (no relation to Tom) points

out that the bill would "require anybody who makes a loan of any type or
amount to any consumer for any reason to register with" the CFPA and get its
approval for "the structure of that loan." So any bank or store or credit
card company or merchant or service provider who offered credit in any form to
anyone would have to get advance approval from the CFPA.

Can you imagine the bottleneck? Businesses will be waiting like planes over
O'Hare Airport for permission to proceed. Business will stagnate as credit
grinds to a halt. In the name of protecting consumers, the Obama
Administration will strangle credit in a mass of regulation.

It is one thing to regulate banks. But to impose these requirements on any

mattress store that says you don't have to make any payments for six month or
which lends money to consumers is inane and insane.

Republicans are reluctant to oppose this provision because they are

intimidated by the name of the agency. The "Consumer Financial Protection
Agency" is quite some name and attacking it can be risky politically. (But
not when people understand what it will be empowered to do). The business
community is crawling all over Washington seeking not its defeat, but carves
out to protect their specific business or category of enterprise from the
provisions of the legislation. Fearful of antagonizing Obama and the
dictatorial Democrats, they hesitate to attack the bill and just hope that
they will be exempted from its provisions.

A key reason for the ongoing unemployment is that credit is scarce and, as
Congressman Campbell points out, it will become more so when the Treasury
pulls back the TARP money from banks, worsening their balance sheets. The
CFPA will make credit tighter still.

The reach of the CFPA will be wide. The Chamber of Commerce says that it
would cover "any school, business, or nonprofit organization that provides
financial literacy education; any software company that creates software to
help consumers manage their money; advertising and marketing companies, as
long as they provide services relating to financial products and services;
lawyers; print and electronic media businesses; and utility companies,
doctors, retailers and any other business that extends credit..."

And the legislation gives the agency authority over and "liability exposure to
shareholders, directors, officers and even employees of covered institutions."

When the powers of the CFPA are added to the power to seize any bank or
nonbank financial institution (discussed in a recent column) this bill is
truly a giant leap toward socialism perhaps even more disturbing than the
health care bill's embrace of socialized medicine.

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