The Consumer Financial Protection Bureau (CFPB) levied its first fine against Capitol One for “deceptive marketing tactics”. I’m thinking that the CFPB needs to levy a fine against itself for deceptive marketing tactics. The case: the CFPB’s mission is something like “protecting consumers from things we understand better than they do”. And if that’s true, then the CFPB should recognize that by creating and enforcing regulations against companies that offer consumers products (like Capitol One offering credit products) the CFPB is indirectly increasing the prices of those products. Thus, the CFPB is making consumers’ lives worse (or, at least, more costly) than they otherwise would be. Surely the CFPB advertises itself to consumers as an agency that makes their lives better. And thus the charge of deceptive marketing.

Oh, but the regulators cannot possibly be doing anything wrong. They could not possibly be hurting the very consumers they believe they are protecting. Oh wise men in Washington, save us from ourselves.

-JD Cross

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