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]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]

before he was fired by Trump, Rohit Chopra issued a statement literally agreeing that debanking was a shared CFPB concern. The issue with the CFPB is that it generally focuses on individual consumers and not businesses, but debanking of businesses could be within its scope. At the same time, bank regulators obviously are primarily concerned with safety and soundness, so they have an inherent mandate (different from CFPB) to ensure that banks are not taking on customers with too much risk - so what crypto bros claim is “debarking” is actually bona fide risk management. [/quote]

You talk about crypto. but the issue with debanking is that banks are punishing conservatives.  New York financial regulators told banks to stop servicing gun shops.[/quote]

And that has what to do with the CFPB …? [/quote]

Be nice. They only know one buzzword. [/quote]

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