“To be clear, I’m not discussing mere over-regulation, which is a real problem. Rather, I’m advocating for regulatory clarity and consistency. We need to untangle the regulatory knot for the sake of the American people. They’re the real victims here, and as long as the knot exists and keeps getting tighter, it will sap our country’s economic strength.”
Broeksmit pointed to the Consumer Financial Protection Bureau’s (CFPB) recent focus on “junk fees” as an example of regulatory overreach. He argued that the CFPB is targeting fees that are actually required by other federal agencies.
“It’s mind-boggling,” he said. “And it gets worse because the White House is in on the madness.”
Another major concern is the proposed Basel III regulations, which he said would harm independent mortgage banks and make it harder for Americans to buy homes.
“Basel III will lead to higher prices on fewer mortgages,” he warned. “That’s a disaster for Americans, especially first-time and low-income homebuyers.”
