CFPB Sets Bad Example for Financial Literacy

Mike Ginsberg

Martin Sher, who served as President of ACA International, authored three books on collections and owns a successful collection operation, recently wrote this short editorial about the CFPB that I thought was very insightful and important to pass along to you.

Please share any comments you may have about this important topic.

The Consumer Financial Protection Bureau (CFPB) was established just a few dozen months ago. There have been 16 simple, but powerful financial requests written by Richard Cordray, Timothy Geitner and Elizabeth Ericson to William Mitchell, the CFO of the Federal Reserve.  These requests total approximately $1.25 billion and do not have to be approved by Congress or the President of the United States or anyone else.

Each directive is simply a short little note that tells the Federal Reserve to forward the money to the current director, Richard Cordray. Cordray can basically ask for whatever money he needs, whenever he wants, and for whatever amount he deems reasonable. FOREVER! Wouldn’t it be great if the average American, looking for help with their personal finances, had unlimited funds that never had to be repaid?

In addition, our federal debt is growing by 4 plus billion dollars a day.  The total federal debt is rapidly approaching $18 trillion.   Unlike the American taxpayer/consumer, the CFPB will never have to pay back a penny of that debt. Not one red cent. The American taxpayer/consumer is ultimately responsible for their proportional part of the federal debt as well as their own personal debt. Wouldn’t it be nice if Americans didn’t ever have to pay back any of their debts?

So, we have the largest and most powerful agency in the world, with unlimited funds, no budget, no oversight, and no responsibility to pay back debt, leading the charge on financial literacy.  It seems ironic doesn’t it?

Martin Sher, Co-CEO of AmSher Collection Agency and a past president of ACA International, is the author of the Collector’s Pledge. Hundreds of thousands of collectors all over the world have signed this unique document committing to treat people with dignity and respect. AmSher is known as the collection agency that collects with compassion.

This was originally published on The AmSher Blog on Tuesday May 20, 2014. If you enjoyed this article and would like to learn more about the CFPB and collection industry, you can follow Martin Sher at the link below.

- See more at: http://amsherblog.com/