By David Lykken
Special to MPA
It amazes me how many organizations are still operating under the assumption that the CFPB is a temporary hurdle to overcome. Too many in the industry are resisting the organization and assuming that, if they push back hard enough, it will go away. But let this be your wake up call–the CFPB is here to stay.
We may not agree with every ruling the comes out of the CFPB. It may make it harder for us to do business, keep our employees, and serve our customers. But, if we’re honest with ourselves, we played a large role in necessitating the creation of the CFPB. We let things get too far out of hand in the industry, and we gave the organization a reason to come into existence.
Now, we’re dealing with a new reality. Too many lenders want to pretend like it’s still the “good old days,” before the CFPB became involved in regulating the industry. Instead of pushing back against the CFPB, though, why don’t we consider working with it? Viewed in the right way, the CFPB can be seen as a partner–not as an adversary.
In our businesses, we don’t just want success; we want sustainable success. Now, I would agree that the CFPB sometimes pushes too hard and we should show support to our own representation in congress to relax standards and give us more freedom.
However, I have met many people at the CFPB and most of them really want to work with us to improve the industry. So, let’s not be bad sports about this. Let’s shoot for long-term sustainability. Let’s adapt to the new norm. Let’s work with the CFPB–and stop rebelling against it. The CFPB is here to stay.