Anonymous
Anonymous
03/26/2025 14:05
Subject: Shutting down the CFPB
Just as they are cutting staff at Social Security, scams will increase and there will be no one to protect the elderly. Great.
Anonymous
02/12/2025 01:36
Subject: Shutting down the CFPB
Trump announces permanent leader to C.F.P.B.
https://www.nytimes.com/2025/02/11/us/politics/trump-financial-regulators-jonathan-mckernan-gould.html
https://www.nytimes.com/2025/02/11/us/politics/trump-financial-regulators-jonathan-mckernan-gould.html
Anonymous
02/11/2025 17:23
Subject: Re:Shutting down the CFPB
Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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.
Since US AID got shut down, you people haven't been able to coordinate your talking points anymore.
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.
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.
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.
Crypto isn't just about bitcoin, etc. It includes tokenized assets and stablecoins built on DLT. Some companies developing these kinds of products, which are promising, were debanked, usually by banks who were worried that bank supervisors would go after them for possible reputation risk for possible bank secrecy issues for dealing with these companies.
Anonymous
02/11/2025 17:08
Subject: Shutting down the CFPB
Anonymous wrote:Yes, and I claim it is following the laws. Telling people not to come into work and don't do any more regulations, isn't a violation.Anonymous wrote:Anonymous wrote:That law has a lot of agencies and lots of distribution of powers. Be specific in how this law isn't being followed.Anonymous wrote:Anonymous wrote:What law isn't being followed?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??
Dodd Frank/the Consumer Financial Protection Act.
Actually the onus is on the Federal government to follow the laws.
It depends on how the agency was set up, the legislation that created it, and the budget appropriations that occurred.
Anonymous
02/11/2025 16:53
Subject: Shutting down the CFPB
Yes, and I claim it is following the laws. Telling people not to come into work and don't do any more regulations, isn't a violation.Anonymous wrote:Anonymous wrote:That law has a lot of agencies and lots of distribution of powers. Be specific in how this law isn't being followed.Anonymous wrote:Anonymous wrote:What law isn't being followed?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??
Dodd Frank/the Consumer Financial Protection Act.
Actually the onus is on the Federal government to follow the laws.
Anonymous
02/11/2025 15:07
Subject: Re:Shutting down the CFPB
Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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.
Since US AID got shut down, you people haven't been able to coordinate your talking points anymore.
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.
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.
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.
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.
Anonymous
02/11/2025 14:40
Subject: Shutting down the CFPB
Anonymous wrote:On Jan. 28, Elon Musk's X announced new details of a payment system partnership with Visa, which would have almost certainly fallen under CFPB scrutiny. Two weeks later, the CFPB — which Musk has called to "delete" — is all but gone
This is one big teenage video game fantasy to him— knock everything out of the way to get to the sparkly prize.
Anonymous
02/11/2025 14:35
Subject: Re:Shutting down the CFPB
Anonymous wrote:Anonymous wrote: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.
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.
Since US AID got shut down, you people haven't been able to coordinate your talking points anymore.
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.
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.
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.
Anonymous
02/11/2025 14:32
Subject: Shutting down the CFPB
On Jan. 28, Elon Musk's X announced new details of a payment system partnership with Visa, which would have almost certainly fallen under CFPB scrutiny. Two weeks later, the CFPB — which Musk has called to "delete" — is all but gone
Anonymous
02/11/2025 13:28
Subject: Re:Shutting down the CFPB
Anonymous wrote:Anonymous wrote: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.
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.
Since US AID got shut down, you people haven't been able to coordinate your talking points anymore.
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.
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.
I know nuanced thought is difficult, but both comments are true. Banks choose who may use their platform. And in the crypto cases, so-called debanking often occurs because banks have been worried about risks of crypto and illegal activity. In that vein, FDIC would actually be the primary regulator for some debanking issues, but CFPB would be the regulator for the consumer harm aspect, as well as collecting and directly addressing consumer complaints. We have a complicated system of financial industry regulators— which is how Congress designed it.
I have no idea where you’re getting the view that civil servants cannot be trusted to work under new leadership. That wasn’t a problem during the first Trump administration. CFPB continued to be active under two different republican directors during that time.
Anonymous
02/11/2025 13:02
Subject: Shutting down the CFPB
This and other deregulation and general craziness means we are going to have another recession.
Anonymous
02/11/2025 12:58
Subject: Re:Shutting down the CFPB
Anonymous wrote: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.
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.
Since US AID got shut down, you people haven't been able to coordinate your talking points anymore.
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.
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.
Anonymous
02/11/2025 12:50
Subject: Shutting down the CFPB
Anonymous wrote: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?
We start that by going to every Republican who has touted their personal pocket copy of the Constitution and DO NOT LET THEM DO A GOD DAMN THING UNTIL THEY ACKNOWLEDGE THE CONSTITUTION WHICH SAYS TRUMP IGNORING THE COURTS IS UNCONSTITUTIONAL.
And then we HOLD the Republicans to it and use the 25th Amendment to remove both Trump AND Vance (since he advocated for ignoring the courts too) in one fell swoop. That would make Mike Johnson President, but if he went along with Trump too then he would also have to be removed. Then it would fall on Chuck Grassley who is not at all ideal as President but at least he isn't stupid enough to do unconstitutional shit like ignoring a court order.