Pete Ricketts: “following their election loss, the Biden-Harris administration rushed an eleventh-hour rule through the Federal…”

“following their election loss, the Biden-Harris administration rushed an eleventh-hour rule through the Federal Government to allow the Consumer Financial Protection Bureau to start regulating nonbank entities, specifically, around digital consumer payment systems. These payment systems are applications--think about it--like PayPal or Zelle. Consumers have widely had positive experiences with these payment systems. According to the CFPB's own database, only about 1 percent of the 1.3 million complaints last year involved these payment systems. These payment system companies, actually, are already being regulated at the State or Federal level. In other words, this eleventh- hour regulation the Biden administration rushed through is pointless. The Biden-Harris rule is a regulation in search of a problem. It is a rule without a reason. Furthermore, the cost-benefit analysis that the CFPB did--an audit by the CFPB--said that it would only cost $25,000. Now, having come from the business sector myself, that probably is the first day of outside attorneys' fees at $25,000. It is widely off the mark. This one-size-fits-all solution in search of a problem expands the Consumer Financial Protection Bureau's authority unnecessarily. In fact, I would argue that this is in a way that was unintended by Congress. The CFPB is supposed to be looking over the financial services sector with regard to banking, not over these nonbank payment systems.…”