How can the CFPB ensure it meets the statutory objective of protecting consumers from genuine misconduct while also ensuring that its supervisory and enforcement activities do not unnecessarily discourage responsible lending to to the small businesses that drive local economies? You talked about the $360 billion in regulatory costs to consumers. We know that an unclear direction simply just causes people to say no on their lending. Well, I think we took a long time to work on our supervisory and enforcement guidelines. (01:22–01:27)
CLAIM
Asserts that there are $360 billion in regulatory costs to consumers.
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