Feedback: 'Myth' Article Misses the Point: CFPB Is Incredibly Powerful

Re: "Four Big Myths About the CFPB and Its Powers," June 2

If anything (unfortunately) your excellent article merely confirms the enormous power of the CFPB and the head of the Agency. You are assuming that the rule making going on will be benign in all instances and that Congress will be able to exercise some degree of control over the thousands of pages of rule making and that "public comment" will curtail any attemmpt by the CFPB in its rule making, to institute draconian and destructive regulations with regard to financial entities serving the public.

You clearly do not believe that institutions will begin to act on the basis of even perceived directions taken by the rule making and the public views of a powerful chairman. And you still haven't commented on the political philosophies of Ms. Warren which will clearly drive the rule making — why don't you give some background on Ms. Warren's writings and activities prior to her interim appointment as head of the CFPB. I may be wrong (please prove me so) but she has not been a proponent of the financial industry during her career — that is, she is for very strict control of an industry that is already highly regulated.

It is very possible that she will succeed in drying up credit to the segments of the population she is trying to protect.