The middle class is being squeezed with families suffering as they struggle to pay bills in this era of runaway inflation. Everything costs more. And while the Biden administration often emphasizes its support for the middle class, its policies are having the opposite effect. A recent Bloomberg poll reflected this growing consumer angst as it showed a large number of middle class Americans feel financial anxiety as the upcoming election draws closer. Meanwhile, one federal agency meant to help the middle class is worried about the sexual orientation of borrowers.
According to Bloomberg, 61 percent of the 100 million U.S. citizens considered to be “middle class” do not believe their financial situation is going to improve within the next year – and for good reason. The American middle class have been experiencing ballooning inflation rates, mortgage payments, and debt, all while the overall collective wealth has decreased in the middle class.
The Consumer Financial Protection Bureau (CFPB), a government agency supposedly tasked with protecting consumers, is making financial life harder for millions of Americans. CFPB policies are undermining Americans’ ability to achieve financial services and eroding their financial security by making it harder for them to access the credit they need.
CFPB rules are unpredictable and irrational. For example, the CFPB has required lenders to disclose information about the sexual orientation of borrowers (and share that information with the federal government) prior to approving a loan. The list of ridiculous requirements like this and many others make it impossible – especially for small businesses – to comply and continue to operate and serve customers.
TPAF created CFPBMissionCreep.org to bring awareness to the impact the CFPB policies are having on everyday Americans who rely on access to credit to make ends meet. It is important to ensure unfettered access to credit with policies that protect both lenders and borrowers. It’s time for Congress to take action and rein in the CFPB.