Hit the brakes on Elizabeth Warren's beleaguered bureaucracy

The overzealous Consumer Financial Protection Bureau, first proposed by Elizabeth Warren, is on a collision course with American consumer interests.

Patrick M. Brenner is the president of the Southwest Public Policy Institute, a think tank dedicated to improving the quality of life in the American Southwest by formulating, promoting, and defending sound public policy solutions. Our mission is simple: to deliver better living through better policy.

Originally headed by Richard Cordray, President Barack Obama called a recess appointment to install the inaugural director, a maneuver that was later unanimously ruled unconstitutional in NLRB v. Noel Canning. Fast-forward to 2016 and David Silberman takes charge. Silberman’s long and conflicted history of unabashedly attacking financial products is hardly the position of an impartial arbiter and still raises doubts about his objectivity and ability to provide an unbiased assessment. His efforts plague the financial services sector even today through his involvement with the Center for Responsible Lending.

But this year, the CFPB reached breakneck speeds with its nonbank disclosure rule. The rule mandates that certain nonbank entities report public enforcement orders to a designated registry. However, it risks damaging public trust in emerging financial institutions, disrupts state and local oversight processes, and imposes burdensome compliance requirements on businesses. A coalition of organizations urged the CFPB to reconsider this rule, emphasizing the need for a balanced approach that considers the impact on all stakeholders.