Any problems the banks may have concerning Consumer Financial Protection is their own fault.  By creating difficult to understand derivitives which were toxic but profitable they showed they needed oversight and regulation.  By creating arbitrary interest hikes and sudden changes in the credit card world they again showed the need for oversight and regulation.  Banks will always complain about regulation.  They've showed that they cannot be trusted to be ethical and will always play as close to the line as they can get away with.

What is a bank? Why would consumers need protection? HSBC is a bank They admitted laundering drug money,intentionally allowed prohibited transactions with Iran, Libya, Sudan and Burma. The bank also facilitated transactions with Cuba in violation of the Trading With the Enemy Act, according to court documents. Wall Street banks regularly engage with the SEC to pay ‘penalties’ 10-15% of their loot with no criminal charges. Main street banks. When people used to put money in a bank it was the people’s money. Today the banks view that as THEIR money. How many ‘programs’ can the banks put in place to collect charges on accounts to feed the monster. Charge for using a teller!!! Charge for using an ATM!! Charge for low balance. Charge because you are overdrawn (if we hold the Friday deposit till Monday and post the weekend charges during the weekend). Why would consumers need protection? Banks don’t have customers anymore they have patsies.

One of my favorite quotes from the Elizabeth Warren campaign was, "It's time to make banking boring again." What the banks call innovation and creativity come down, often, to tricks and deceptions. And, by the way, the banks were probably allied with the Republicans seeking to delay, defund and discredit the only strong consumer advocate we have in the financial sector.