Zywicki Testifies on Consumer Financial Services
On April 5, Professor Todd Zywicki testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. The hearing was held for the purpose of “Assessing the Effects of Consumer Finance Regulations" and focused on the role of the Consumer Financial Protection Bureau (CFPB) in protecting consumers.
In his testimony, Zywicki argued that the CFPB has failed to protect consumers and has "squandered this unprecedented opportunity to modernize the consumer credit system to promote competition, consumer choice, and innovation. Instead, the post-crisis regulatory framework has resulted in higher prices and reduced choice for consumers and little improvement in consumer financial protection. Indeed, by stifling competition and driving millions of Americans out of the mainstream financial system, it may actually result in more consumer protection problems."