Reply to Shutting down the CFPB

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[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]

$35 overdraft fees made sense when banks incurred real costs because of overdrafts. They don't anymore b/c of technological advances. Overdrafts haven't become more expensive over time. They've become less expensive.

And CFPB has nothing to do with debanking or repetitional risk. That would be agencies like OCC or FDIC. https://www.bankingdive.com/news/fdic-plans-eradicate-focus-reputational-risk/743591/

Do your own research and stop parroting other people's talking points. You might learn something.[/quote]

“Debanking” is one of those words (like “bloat”) that tells you everything you need to know about the person parroting it: they are poorly informed and repeating something they heard on a podcast. It sounded very clever to them and they think listening to some tech or crypto head rambling gives them deep knowledge of financial policy. [/quote]

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