Reply to Shutting down the CFPB

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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? [/quote]
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.
[twitter]https://x.com/merylkornfield/status/1905393037829980645?s=46&t=kf1qYlCXQnKgUhJWEIu2vg[/twitter][/quote]

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. [/quote]

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. [/quote]

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? [/quote]

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. [/quote]

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.

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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/[/quote]

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...

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

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. [/quote]"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."[/quote]

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.

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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/
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