Here’s what’s wrong with the CFPB’s practice of regulating through enforcement 

CFPB Director Richard Cordray asserts that protecting consumers in financial matters involves too many bad actors trying to do too many bad things to be outlined in specific laws. As it turns out, it sounds like the CFPB might decide to take enforcement action against one particular company if they need to “send a public message of deterrence” to the whole industry. This is ludicrous.