Reply to Shutting down the CFPB

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=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:
[img]https://stonetoss.com/wp-content/uploads/2018/10/right-wing-censorship-comic1.png[/img][/quote]

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. [/quote]

[quote]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. [/quote]

Since US AID got shut down, you people haven't been able to coordinate your talking points anymore.

[b]If you have an agency called Consumer Financial Protection Bureau and it doesn't protect consumers from de-banking for political reasons, then quite a few Americans are going to view it as unnecessary. [/b]

As for using CFPB, that's a non-starter because of the intransigent nature of career civil-servants. They would fight any change, slow walk things and bury it in bureaucracy. Better to clean house and find a better way.

[/quote]

Crypto is the 2020's version of Tulipmania. It is a means by which criminals bypass regular banking to transfer money, and the criminals who created it have managed to create a ponzi scheme of "value" for the "currency" - if you think US taxpayers should be on the hook when individuals decide to "debank" and follow the crypto path, then I don't know what to tell you. A fool and their money, and all.[/quote]

What are you talking about here? If someone wants to gamble on crypto then they shouldn't be able to have a checking account? The FDIC shouldn't insure savings accounts of people with crypto? Day trading and Fan Duel is ok though? Speaking of which, isn't it crazy all these gambling companies popped up recently? The consumer sure is being protected...

If you want to protect people from usury and gambling, there's a much better organization for that than the CFPB. [/quote]

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