Hello Citizens United, Goodbye CFPB: Consequences of the Wisconsin Recall


What bothers me is not that Walker survived the recall, but what it means for the general election. It is clear that Obama has been outgunned by Wall Street, and thus is likely to be similarly outgunned by Romney's superPACs in November. If, for example, those upcoming elections are purchased, resulting in a conservative majority in both houses under a conservative president, there will be a "rush to repeal." My bet would be that Dodd-Frank would be the first to go under the knife, even before Obama care. While there are those who argue that many of the Dodd-Frank regulations are ill advised and should be either amended or eliminated, I believe the CFPB–the most important and necessary creation of that legislation–would be the baby thrown out with the bathwater. In my opinion, this would set back the cause of consumer protection for a generation.

This work is the opinion of the columnist and in no way reflects the opinion of ABC News.

Adam Levin is chairman and cofounder of Credit.com and Identity Theft 911. His experience as former director of the New Jersey Division of Consumer Affairs gives him unique insight into consumer privacy, legislation and financial advocacy. He is a nationally recognized expert on identity theft and credit.

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