Sir, You report that banks complain that they have been “victimised and strangled by red tape” as grounds for seeking to have the Consumer Financial Protection Bureau dismantled (“ Power struggle erupts at US consumer body”, November 28).
Had those banks not had to pay out $321bn in fines for their egregious behaviour over the past 10 years, one might have some sympathy with them, although, of course, they all appear to have returned to rude good health, notwithstanding the big fines.
The same cannot be said of the millions of people around the world who have been caught in the subprime mortgage scams orchestrated by the self-same banks. Of course, the banks will have no sympathy for those wretched people, any more than the US Treasury secretary.
Given that, even after paying the huge fines referred to above, the banks are riding high, there simply have to be cogent grounds for maintaining the tightest controls over the banks in order to attempt to protect consumers from the excesses of Wall Street where, if things turn sour, there is only one group that will suffer — the consumers.
That was ample reason for the establishment of the CFPB, and a cogent reason to seek to stop US President Donald Trump from dismantling it.
London W1, UK
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