As many of you know, we periodically blog about the goings on at
the Consumer Financial Protection Bureau. Sometimes referred
to as a "superagency," the CFPB was created by Congress
in an effort to consolidate authority over consumer financial
transactions from seven agencies to one. As a result the CFPB
has jurisdiction that spans virtually every living room and board
room as it can enforce and regulate laws relating to every form of
banking, lending, credit and efforts to collect or settle
debts.
However, in attempting to address the financial crisis that had
rocked the economy by creating the CFPB, the question is did
Congress go too far? Did it create an agency that is too
powerful and too independent? That is the question posed in a
recent complaint filed against the agency in
federal district court for the District of Columbia (note that the
suit was filed by Venable lawyer Randy Miller). Plaintiffs in
the case are a Connecticut lawyer, Kim Pisinski and an
