Shutting down the CFPB

[Anonymous]

I though the tribe was interested in law and order. The laws on which the CFPB are based are laws and should be enforced.

[Anonymous]

Anonymous wrote:I wonder how soon the CFPB lawsuit will be filed?

Trump is losing almost every preliminary hearing (birthright citizenship, fork/deferred resignation, federal grant freeze, USAID, etc).

But his not obeying the court orders. So what happens if the Marshalls won’t arrest him?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Of course the republicans want to take down the agency that protects ordinary people and hurts big banks.

This! This is what the don’t understand.

Will be interesting to see the spin on this one, given that CFPB directly helps individual Americans. They can’t make the same arguments they made about foreign aid, such as we should spend the money to help people in our own country, etc. And CFPB’s establishment as an independent agency via statute is very clear. So it’s pretty different in kind than the USAID situation.

It's an independent agency. And the director is running the agency as he sees fit. Congress can't intervene by defunding the agency, because they gave an independent funding mechanism for CFPB.

Wait. You know that there are several independent agencies, including ones not appropriated by Congress like CFPB, and they all still have to follow the law, right?

…Right??

What law isn't being followed?

[Anonymous]

https://thehill.com/business/5136487-trump-administration-cfpb-musk-warren/

Another Elon Musk scam to get rid of agencies who are trying to regulate his businesses.

Is any one person more in violation of our laws in more ways than Elon Musk? No wonder he wants to get rid of rule of law. It's his only way out of the mess he has created.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Of course the republicans want to take down the agency that protects ordinary people and hurts big banks.

This! This is what the don’t understand.

Will be interesting to see the spin on this one, given that CFPB directly helps individual Americans. They can’t make the same arguments they made about foreign aid, such as we should spend the money to help people in our own country, etc. And CFPB’s establishment as an independent agency via statute is very clear. So it’s pretty different in kind than the USAID situation.

It's an independent agency. And the director is running the agency as he sees fit. Congress can't intervene by defunding the agency, because they gave an independent funding mechanism for CFPB.

Wait. You know that there are several independent agencies, including ones not appropriated by Congress like CFPB, and they all still have to follow the law, right?

…Right??

What law isn't being followed?

Dodd Frank/the Consumer Financial Protection Act.

[Anonymous]

Anonymous wrote:https://thehill.com/business/5136487-trump-administration-cfpb-musk-warren/

Another Elon Musk scam to get rid of agencies who are trying to regulate his businesses.

Is any one person more in violation of our laws in more ways than Elon Musk? No wonder he wants to get rid of rule of law. It's his only way out of the mess he has created.

As Chairman Powell confirmed this morning, no one is supervising big banks when it comes to consumer protection right now. No one. Have a problem with your bank? GTFO. It’s free for all in the financial sector now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://thehill.com/business/5136487-trump-administration-cfpb-musk-warren/

Another Elon Musk scam to get rid of agencies who are trying to regulate his businesses.

Is any one person more in violation of our laws in more ways than Elon Musk? No wonder he wants to get rid of rule of law. It's his only way out of the mess he has created.

As Chairman Powell confirmed this morning, no one is supervising big banks when it comes to consumer protection right now. No one. Have a problem with your bank? GTFO. It’s free for all in the financial sector now.

Nobody should be celebrating this. The Trump sycophants here are simply idiots lost to the cult. The financial crisis in 2008 was devastating in so many respects.

[Anonymous]

Thousands(tens?) of Americans have been de-banked since the creation of the CFPB. The CFPB largely didn't care one bit because it didn't involve a "protected class."

It ended up, like much of the federal government, looking like a partisan operation. Well, now its being treated like one.

Maybe after a little creative destruction, we'll get a watchdog that actually protects Americans instead of shaking down big banks that should just be broken up instead.

For those that need a visual summary, we're currently in panel four. The time to care was panel one:

[Anonymous]

Anonymous wrote:Thousands(tens?) of Americans have been de-banked since the creation of the CFPB. The CFPB largely didn't care one bit because it didn't involve a "protected class."

It ended up, like much of the federal government, looking like a partisan operation. Well, now its being treated like one.

Maybe after a little creative destruction, we'll get a watchdog that actually protects Americans instead of shaking down big banks that should just be broken up instead.

For those that need a visual summary, we're currently in panel four. The time to care was panel one:

Creating is a lot harder than destroying, Elon. You should try it sometime.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Of course the republicans want to take down the agency that protects ordinary people and hurts big banks.

This! This is what the don’t understand.

Will be interesting to see the spin on this one, given that CFPB directly helps individual Americans. They can’t make the same arguments they made about foreign aid, such as we should spend the money to help people in our own country, etc. And CFPB’s establishment as an independent agency via statute is very clear. So it’s pretty different in kind than the USAID situation.

It's an independent agency. And the director is running the agency as he sees fit. Congress can't intervene by defunding the agency, because they gave an independent funding mechanism for CFPB.

Wait. You know that there are several independent agencies, including ones not appropriated by Congress like CFPB, and they all still have to follow the law, right?

…Right??

What law isn't being followed?

Dodd Frank/the Consumer Financial Protection Act.

That law has a lot of agencies and lots of distribution of powers. Be specific in how this law isn't being followed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://thehill.com/business/5136487-trump-administration-cfpb-musk-warren/

Another Elon Musk scam to get rid of agencies who are trying to regulate his businesses.

Is any one person more in violation of our laws in more ways than Elon Musk? No wonder he wants to get rid of rule of law. It's his only way out of the mess he has created.

As Chairman Powell confirmed this morning, no one is supervising big banks when it comes to consumer protection right now. No one. Have a problem with your bank? GTFO. It’s free for all in the financial sector now.

Hopefully the state attorney generals can step up

[Anonymous]

Anonymous wrote:Thousands(tens?) of Americans have been de-banked since the creation of the CFPB. The CFPB largely didn't care one bit because it didn't involve a "protected class."

It ended up, like much of the federal government, looking like a partisan operation. Well, now its being treated like one.

Maybe after a little creative destruction, we'll get a watchdog that actually protects Americans instead of shaking down big banks that should just be broken up instead.

For those that need a visual summary, we're currently in panel four. The time to care was panel one:

I disagree entirely that the CFPB has shown it doesn’t care about debanking. It quite literally referenced debanking in a recent rule and in court filings and public statements. I know the crypto industry thinks that just not enough. But- great news! There is a new director who is absolutely free to prioritize debanking. They’re free to draft debanking rules and prioritize combatting it in their supervision and enforcement work. Instead, they’ve chosen instead to illegally stop work— on everything. There are other extremely important laws and regulations that underpin our financial sector.

Like everything else, republicans only seem to know how to burn everything down. They have a clean sweep of every branch. They are able to address these things! CFPB is a powerful regulator. Instead, there is still whining about what CFPB did before and intense focus on punishing agencies. It’s so bizarre. Act like an adult. Govern like an adult.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Of course the republicans want to take down the agency that protects ordinary people and hurts big banks.

This! This is what the don’t understand.

Will be interesting to see the spin on this one, given that CFPB directly helps individual Americans. They can’t make the same arguments they made about foreign aid, such as we should spend the money to help people in our own country, etc. And CFPB’s establishment as an independent agency via statute is very clear. So it’s pretty different in kind than the USAID situation.

It's an independent agency. And the director is running the agency as he sees fit. Congress can't intervene by defunding the agency, because they gave an independent funding mechanism for CFPB.

Wait. You know that there are several independent agencies, including ones not appropriated by Congress like CFPB, and they all still have to follow the law, right?

…Right??

What law isn't being followed?

Dodd Frank/the Consumer Financial Protection Act.

That law has a lot of agencies and lots of distribution of powers. Be specific in how this law isn't being followed.

Actually the onus is on the Federal government to follow the laws.

[Anonymous]

Anonymous wrote:Thousands(tens?) of Americans have been de-banked since the creation of the CFPB. The CFPB largely didn't care one bit because it didn't involve a "protected class."

It ended up, like much of the federal government, looking like a partisan operation. Well, now its being treated like one.

Maybe after a little creative destruction, we'll get a watchdog that actually protects Americans instead of shaking down big banks that should just be broken up instead.

For those that need a visual summary, we're currently in panel four. The time to care was panel one:

The CFPB has nothing to do with determining which customers are allowed to open bank accounts. The de-banking issue has NOTHING to do with the CFPB. No need to blatantly lie.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Of course the republicans want to take down the agency that protects ordinary people and hurts big banks.

This! This is what the don’t understand.

Will be interesting to see the spin on this one, given that CFPB directly helps individual Americans. They can’t make the same arguments they made about foreign aid, such as we should spend the money to help people in our own country, etc. And CFPB’s establishment as an independent agency via statute is very clear. So it’s pretty different in kind than the USAID situation.

It's an independent agency. And the director is running the agency as he sees fit. Congress can't intervene by defunding the agency, because they gave an independent funding mechanism for CFPB.

Wait. You know that there are several independent agencies, including ones not appropriated by Congress like CFPB, and they all still have to follow the law, right?

…Right??

What law isn't being followed?

Dodd Frank/the Consumer Financial Protection Act.

That law has a lot of agencies and lots of distribution of powers. Be specific in how this law isn't being followed.

I am glad that you are so interested in learning. You can go to Title X, which not only establishes the Bureau, but also charges it with enforcing about 15 different laws. These laws underpin everything from the mortgage industry, to lending, to debt collection, to electronic transfers of funds.

See, when Congress passes a law (which here charges an agency with enforcing over a dozen laws), they expect it to be enforced. That’s kind of how our system of governance is set up. Not enforcing laws and ordering an entire agency to stop work is what we call “illegal.”