Shutting down the CFPB

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How many lawsuits have they dropped over the last few weeks? Those defrauded consumers will never, ever get their money back now. Can someone explain why this administration wants to protect skeezy lenders?

Republican Senate just passed a bill increasing bank overdraft fees, which had been capped by a CFPB rule at $5. The average overdraft fee when not capped is $35.

Have you heard of a thing called inflation? Can you get a five dollar footlong anymore?

At least the people paying $35 overdraft fees didn't get debanked for reputation risks.

Those things have nothing to do with one another. WTF are you talking about? Enjoy getting scammed by banks, credit card companies, mortgage lenders, and the brand new X payments system. It’s all legal now. Oh and so is debanking!

I’m sure being distracted by the “debanking” bogeyman, which is only tangentially connected to CFPB— at best!, was worth it.

So you're saying the CFPB was powerless to stop debanking? It just exists to regulate the fees they charge? And this can't be done by one of the other billion financial regulatory agencies?

We’d all love to read one, even semi-relevant thing from you that doesn’t use the word “debanking.” Please. Enlighten us with everything you know about financial regulation. Please tell us all your well-informed opinions about the complete shutdown of a consumer protection agency. I’d love to hear why dropping a dozen lawsuits against scam artists and predatory lenders is good policy, too. Please tell us.

The charge is that the benefits of the CFPB don't justify what it costs to operate, making it a net negative for the country.

To disprove this charge, you and your ilk presented capping overdraft fees at $5, which is now $35. That was the best you could come up with.

My point is, that if this agency actually did something useful, it might be worth saving. Examples of something useful would include protecting people from debanking. But, banning usury or breaking up big banks would also be something useful. But those things would actually protect consumers, rather than just create regulatory burden.

You seem entirely unfamiliar with what the CFPB does.
https://www.consumerfinance.gov/enforcement/actions/portfolio-recovery-associates-llc/

https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-think-finance-collecting-debts-consumers-did-not-legally-owe/

https://www.consumerfinance.gov/about-us/newsroom/cfpb-and-new-york-attorney-general-sue-credit-acceptance-for-hiding-auto-loan-costs-setting-borrowers-up-to-fail/

No offense, but your overdraft stuff was more compelling. By your own examples this agency seems to exist solely to protect dumb people from the consequences of their actions. It's much like the modern court system in that way. And we see how that's going...

just read Dodd-Frank if you really want to know. But I doubt you do.

I think any agency that requires you to read a 849 page document to understand what it does, probably doesn't do anything useful.

Take almost any other agency, they can explain in a single sentence what they do and why its important. DoD - we blow things up, State - passports and embassies, CIA - overthrowing hostile governments, and so forth.

There's just no pressing need for the CFPB. In fact, much like Dept. of Ed. things have gotten worse for its "beneficiaries" since its creation.

"The Consumer Financial Protection Bureau (CFPB) is a U.S. government agency that protects consumers from unfair, deceptive, or abusive practices in financial services and products."

CFPB was formed in 2011. Would you say things have gotten less unfair, deceptive or abusive for consumers since then? I certainly wouldn't. I'm constantly being offered the "opportunity" to finance small-ticket purchases. How much interest are people paying on clothes, food, and the like that they didn't 15 years ago? But I guess some people are getting out of bad loans they agreed to with the various Eastern Motors of the world.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How many lawsuits have they dropped over the last few weeks? Those defrauded consumers will never, ever get their money back now. Can someone explain why this administration wants to protect skeezy lenders?

Republican Senate just passed a bill increasing bank overdraft fees, which had been capped by a CFPB rule at $5. The average overdraft fee when not capped is $35.

Have you heard of a thing called inflation? Can you get a five dollar footlong anymore?

At least the people paying $35 overdraft fees didn't get debanked for reputation risks.

Those things have nothing to do with one another. WTF are you talking about? Enjoy getting scammed by banks, credit card companies, mortgage lenders, and the brand new X payments system. It’s all legal now. Oh and so is debanking!

I’m sure being distracted by the “debanking” bogeyman, which is only tangentially connected to CFPB— at best!, was worth it.

So you're saying the CFPB was powerless to stop debanking? It just exists to regulate the fees they charge? And this can't be done by one of the other billion financial regulatory agencies?

We’d all love to read one, even semi-relevant thing from you that doesn’t use the word “debanking.” Please. Enlighten us with everything you know about financial regulation. Please tell us all your well-informed opinions about the complete shutdown of a consumer protection agency. I’d love to hear why dropping a dozen lawsuits against scam artists and predatory lenders is good policy, too. Please tell us.

The charge is that the benefits of the CFPB don't justify what it costs to operate, making it a net negative for the country.

To disprove this charge, you and your ilk presented capping overdraft fees at $5, which is now $35. That was the best you could come up with.

My point is, that if this agency actually did something useful, it might be worth saving. Examples of something useful would include protecting people from debanking. But, banning usury or breaking up big banks would also be something useful. But those things would actually protect consumers, rather than just create regulatory burden.

You seem entirely unfamiliar with what the CFPB does.
https://www.consumerfinance.gov/enforcement/actions/portfolio-recovery-associates-llc/

https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-think-finance-collecting-debts-consumers-did-not-legally-owe/

https://www.consumerfinance.gov/about-us/newsroom/cfpb-and-new-york-attorney-general-sue-credit-acceptance-for-hiding-auto-loan-costs-setting-borrowers-up-to-fail/

No offense, but your overdraft stuff was more compelling. By your own examples this agency seems to exist solely to protect dumb people from the consequences of their actions. It's much like the modern court system in that way. And we see how that's going...

just read Dodd-Frank if you really want to know. But I doubt you do.

I think any agency that requires you to read a 849 page document to understand what it does, probably doesn't do anything useful.

Take almost any other agency, they can explain in a single sentence what they do and why its important. DoD - we blow things up, State - passports and embassies, CIA - overthrowing hostile governments, and so forth.

There's just no pressing need for the CFPB. In fact, much like Dept. of Ed. things have gotten worse for its "beneficiaries" since its creation.

"The Consumer Financial Protection Bureau (CFPB) is a U.S. government agency that protects consumers from unfair, deceptive, or abusive practices in financial services and products."

CFPB was formed in 2011. Would you say things have gotten less unfair, deceptive or abusive for consumers since then? I certainly wouldn't. I'm constantly being offered the "opportunity" to finance small-ticket purchases. How much interest are people paying on clothes, food, and the like that they didn't 15 years ago? But I guess some people are getting out of bad loans they agreed to with the various Eastern Motors of the world.

Google is your friend.
https://www.consumerfinance.gov/about-us/newsroom/cfpb-announces-return-of-1-8-billion-in-illegal-junk-fees-to-4-3-million-americans-harmed-in-massive-credit-repair-scheme/

[Anonymous]

Anonymous wrote:My DH is a career banker and can’t stand the CFPB because of his job, but sees their value to the consumer. 2008 was horrible and if oversight saves the consumer and the economy from a similar experience, it’s worth it.

Finance guys realllly hate the CFPB. of course the same finance guys in September 2007 were happily telling everyone that home prices could only go up.

[Anonymous]

Hey all, CFPB is firing about 1200 of 1700 people this afternoon. More firings likely to come. (Reminder that CFPB receives no appropriated funds— so this saves NO money.)

If you have any problem with your bank or mortgage company or with auto financing or anything— sucks to be you! Erroneous credit report? Your bank aggravating you about some issue that’s their fault? Did you get charged an illegal fee or did a company lie about their charges? Is your student loan company screwing up your payments? TOO BAD. The ability to get scammed, defrauded, and taken advantage of is what makes this country great.

[Anonymous]

Every day these monsters make life worse for all of us.

It's like the villain in a Marvel movie became president for real.

[Anonymous]

Anonymous wrote:Hey all, CFPB is firing about 1200 of 1700 people this afternoon. More firings likely to come. (Reminder that CFPB receives no appropriated funds— so this saves NO money.)

If you have any problem with your bank or mortgage company or with auto financing or anything— sucks to be you! Erroneous credit report? Your bank aggravating you about some issue that’s their fault? Did you get charged an illegal fee or did a company lie about their charges? Is your student loan company screwing up your payments? TOO BAD. The ability to get scammed, defrauded, and taken advantage of is what makes this country great.

Another useless bureaucracy swept in to the dustbin of history.

Keep it going, DOGE.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My DH is a career banker and can’t stand the CFPB because of his job, but sees their value to the consumer. 2008 was horrible and if oversight saves the consumer and the economy from a similar experience, it’s worth it.

Finance guys realllly hate the CFPB. of course the same finance guys in September 2007 were happily telling everyone that home prices could only go up.

CFPB is GREAT for the actual citizens of this country. Not so much for business and folks trying to lie, trick, manipulate, and steal from citizens.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DH is a career banker and can’t stand the CFPB because of his job, but sees their value to the consumer. 2008 was horrible and if oversight saves the consumer and the economy from a similar experience, it’s worth it.

Finance guys realllly hate the CFPB. of course the same finance guys in September 2007 were happily telling everyone that home prices could only go up.

CFPB is GREAT for the actual citizens of this country. Not so much for business and folks trying to lie, trick, manipulate, and steal from citizens.

It is pretty amazing to actually declare yourself anti CFPB. The other side is literally…predatory lenders and loan sharks. Bigger commercial banks do get exasperated with the CFPB because they get (rightly) dinged every now and then but even they like the stability and certainty it provides. CFPB took on responsibility for dozens of consumer protection laws from other agencies. There is nothing to fill that void right now. It’s truly open season. And this affects everyone— anyone who has a credit card, a mortgage, loans— anything. People like to think of CFPB as focusing on frauds and scams (and maybe think they’re too smart to get scammed) but it also sets the rules for the entire financial market. This is tremendously unsettling for our economy as a whole.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DH is a career banker and can’t stand the CFPB because of his job, but sees their value to the consumer. 2008 was horrible and if oversight saves the consumer and the economy from a similar experience, it’s worth it.

Finance guys realllly hate the CFPB. of course the same finance guys in September 2007 were happily telling everyone that home prices could only go up.

CFPB is GREAT for the actual citizens of this country. Not so much for business and folks trying to lie, trick, manipulate, and steal from citizens.

It is pretty amazing to actually declare yourself anti CFPB. The other side is literally…predatory lenders and loan sharks. Bigger commercial banks do get exasperated with the CFPB because they get (rightly) dinged every now and then but even they like the stability and certainty it provides. CFPB took on responsibility for dozens of consumer protection laws from other agencies. There is nothing to fill that void right now. It’s truly open season. And this affects everyone— anyone who has a credit card, a mortgage, loans— anything. People like to think of CFPB as focusing on frauds and scams (and maybe think they’re too smart to get scammed) but it also sets the rules for the entire financial market. This is tremendously unsettling for our economy as a whole.

Yup, this lawsuit disappeared. The bank is accused of cheating their customers out of 2 BILLION dollars in interest payments. No big deal I guess, just that do-nothing, wasteful government group at work. Thank god for DOGE.

https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-capital-one-for-cheating-consumers-out-of-more-than-2-billion-in-interest-payments-on-savings-accounts/#:~:text=Enforcement%20Action,visit%20www.consumerfinance.gov.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DH is a career banker and can’t stand the CFPB because of his job, but sees their value to the consumer. 2008 was horrible and if oversight saves the consumer and the economy from a similar experience, it’s worth it.

Finance guys realllly hate the CFPB. of course the same finance guys in September 2007 were happily telling everyone that home prices could only go up.

CFPB is GREAT for the actual citizens of this country. Not so much for business and folks trying to lie, trick, manipulate, and steal from citizens.

It is pretty amazing to actually declare yourself anti CFPB. The other side is literally…predatory lenders and loan sharks. Bigger commercial banks do get exasperated with the CFPB because they get (rightly) dinged every now and then but even they like the stability and certainty it provides. CFPB took on responsibility for dozens of consumer protection laws from other agencies. There is nothing to fill that void right now. It’s truly open season. And this affects everyone— anyone who has a credit card, a mortgage, loans— anything. People like to think of CFPB as focusing on frauds and scams (and maybe think they’re too smart to get scammed) but it also sets the rules for the entire financial market. This is tremendously unsettling for our economy as a whole.

Yup, this lawsuit disappeared. The bank is accused of cheating their customers out of 2 BILLION dollars in interest payments. No big deal I guess, just that do-nothing, wasteful government group at work. Thank god for DOGE.

https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-capital-one-for-cheating-consumers-out-of-more-than-2-billion-in-interest-payments-on-savings-accounts/#:~:text=Enforcement%20Action,visit%20www.consumerfinance.gov.

Yep and that is just one of a dozen or more lawsuits this administration dropped. I’m not sure if someone has totaled the harm to consumers but it will be in the billions. Those people will never see their money back. Literally billions. People are waiting for that relief. Some of them have sued over it. CFPB is their only chance to get their money back.

Who does this help? Who? Companies that have literally scammed normal people. That’s it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DH is a career banker and can’t stand the CFPB because of his job, but sees their value to the consumer. 2008 was horrible and if oversight saves the consumer and the economy from a similar experience, it’s worth it.

Finance guys realllly hate the CFPB. of course the same finance guys in September 2007 were happily telling everyone that home prices could only go up.

CFPB is GREAT for the actual citizens of this country. Not so much for business and folks trying to lie, trick, manipulate, and steal from citizens.

It is pretty amazing to actually declare yourself anti CFPB. The other side is literally…predatory lenders and loan sharks. Bigger commercial banks do get exasperated with the CFPB because they get (rightly) dinged every now and then but even they like the stability and certainty it provides. CFPB took on responsibility for dozens of consumer protection laws from other agencies. There is nothing to fill that void right now. It’s truly open season. And this affects everyone— anyone who has a credit card, a mortgage, loans— anything. People like to think of CFPB as focusing on frauds and scams (and maybe think they’re too smart to get scammed) but it also sets the rules for the entire financial market. This is tremendously unsettling for our economy as a whole.

CFPB is modern evidence of government working for the people. It is one of the best checks to come out of the Financial crisis.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DH is a career banker and can’t stand the CFPB because of his job, but sees their value to the consumer. 2008 was horrible and if oversight saves the consumer and the economy from a similar experience, it’s worth it.

Finance guys realllly hate the CFPB. of course the same finance guys in September 2007 were happily telling everyone that home prices could only go up.

CFPB is GREAT for the actual citizens of this country. Not so much for business and folks trying to lie, trick, manipulate, and steal from citizens.

It is pretty amazing to actually declare yourself anti CFPB. The other side is literally…predatory lenders and loan sharks. Bigger commercial banks do get exasperated with the CFPB because they get (rightly) dinged every now and then but even they like the stability and certainty it provides. CFPB took on responsibility for dozens of consumer protection laws from other agencies. There is nothing to fill that void right now. It’s truly open season. And this affects everyone— anyone who has a credit card, a mortgage, loans— anything. People like to think of CFPB as focusing on frauds and scams (and maybe think they’re too smart to get scammed) but it also sets the rules for the entire financial market. This is tremendously unsettling for our economy as a whole.

CFPB is modern evidence of government working for the people. It is one of the best checks to come out of the Financial crisis.

Absolutely. And it’s tiny and takes NO appropriated money. It’s a model of true efficient government. Makes you wonder why they truly hate it so much. Hmmm.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DH is a career banker and can’t stand the CFPB because of his job, but sees their value to the consumer. 2008 was horrible and if oversight saves the consumer and the economy from a similar experience, it’s worth it.

Finance guys realllly hate the CFPB. of course the same finance guys in September 2007 were happily telling everyone that home prices could only go up.

CFPB is GREAT for the actual citizens of this country. Not so much for business and folks trying to lie, trick, manipulate, and steal from citizens.

It is pretty amazing to actually declare yourself anti CFPB. The other side is literally…predatory lenders and loan sharks. Bigger commercial banks do get exasperated with the CFPB because they get (rightly) dinged every now and then but even they like the stability and certainty it provides. CFPB took on responsibility for dozens of consumer protection laws from other agencies. There is nothing to fill that void right now. It’s truly open season. And this affects everyone— anyone who has a credit card, a mortgage, loans— anything. People like to think of CFPB as focusing on frauds and scams (and maybe think they’re too smart to get scammed) but it also sets the rules for the entire financial market. This is tremendously unsettling for our economy as a whole.

CFPB is modern evidence of government working for the people. It is one of the best checks to come out of the Financial crisis.

Absolutely. And it’s tiny and takes NO appropriated money. It’s a model of true efficient government. Makes you wonder why they truly hate it so much. Hmmm.

Because this administration is made up of crooks, cheaters, conmen, and grifters.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DH is a career banker and can’t stand the CFPB because of his job, but sees their value to the consumer. 2008 was horrible and if oversight saves the consumer and the economy from a similar experience, it’s worth it.

Finance guys realllly hate the CFPB. of course the same finance guys in September 2007 were happily telling everyone that home prices could only go up.

CFPB is GREAT for the actual citizens of this country. Not so much for business and folks trying to lie, trick, manipulate, and steal from citizens.

It is pretty amazing to actually declare yourself anti CFPB. The other side is literally…predatory lenders and loan sharks. Bigger commercial banks do get exasperated with the CFPB because they get (rightly) dinged every now and then but even they like the stability and certainty it provides. CFPB took on responsibility for dozens of consumer protection laws from other agencies. There is nothing to fill that void right now. It’s truly open season. And this affects everyone— anyone who has a credit card, a mortgage, loans— anything. People like to think of CFPB as focusing on frauds and scams (and maybe think they’re too smart to get scammed) but it also sets the rules for the entire financial market. This is tremendously unsettling for our economy as a whole.

CFPB is modern evidence of government working for the people. It is one of the best checks to come out of the Financial crisis.

Absolutely. And it’s tiny and takes NO appropriated money. It’s a model of true efficient government. Makes you wonder why they truly hate it so much. Hmmm.

Because States already have Attorney Generals to do this work?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DH is a career banker and can’t stand the CFPB because of his job, but sees their value to the consumer. 2008 was horrible and if oversight saves the consumer and the economy from a similar experience, it’s worth it.

Finance guys realllly hate the CFPB. of course the same finance guys in September 2007 were happily telling everyone that home prices could only go up.

CFPB is GREAT for the actual citizens of this country. Not so much for business and folks trying to lie, trick, manipulate, and steal from citizens.

It is pretty amazing to actually declare yourself anti CFPB. The other side is literally…predatory lenders and loan sharks. Bigger commercial banks do get exasperated with the CFPB because they get (rightly) dinged every now and then but even they like the stability and certainty it provides. CFPB took on responsibility for dozens of consumer protection laws from other agencies. There is nothing to fill that void right now. It’s truly open season. And this affects everyone— anyone who has a credit card, a mortgage, loans— anything. People like to think of CFPB as focusing on frauds and scams (and maybe think they’re too smart to get scammed) but it also sets the rules for the entire financial market. This is tremendously unsettling for our economy as a whole.

CFPB is modern evidence of government working for the people. It is one of the best checks to come out of the Financial crisis.

Absolutely. And it’s tiny and takes NO appropriated money. It’s a model of true efficient government. Makes you wonder why they truly hate it so much. Hmmm.

Because States already have Attorney Generals to do this work?

Nope, try again.

I do feel for you. It’s hard to defend your ridiculous position. You get some points for creativity, I guess. And you’re not fooling anyone except maybe yourself.