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Well my first question is why, the bureau has recovered billions in shady practices from individuals and banks so what is the problem. Seems like they are exposing these shady practices and protecting consumers particularly those on the fringe.
Trump hasn't been clear on which direction he will go (what else is new) but the GOP certainly has fought this agency tooth and nail.
Quote:
WASHINGTON -- Republicans are working on a new plan for weakening the Consumer Financial Protection Bureau by stripping the agency of its independence and severely limiting its ability to go after corporations.
House Republicans would de-fang the consumer protection agency and make it more susceptible to political shifts by granting more control and oversight to the White House and Congress. One key change would convert the CFPB into an executive agency with a director who can be removed by the president at will. Currently, the director of the independent agency can only be fired for cause.
Well my first question is why, the bureau has recovered billions in shady practices from individuals and banks so what is the problem. Seems like they are exposing these shady practices and protecting consumers particularly those on the fringe.
Great article, thanks for sharing. As to the "why", there's a somewhat sarcastic comment below the article (posted by "The Path Without Steps") that is on point:
Quote:
Consumer protection laws cost banks a lot of money, and the recent regulations by the CFPB have cost them billions. Visa and MasterCard were forced to give up billions in point-of-sale fees on debit card purchases. Hopefully the Bannon Trump administration can force consumers, small companies and merchants to go back to paying much higher fees on debit card purchases. Remember that every penny that a consumer or small business does not pay is a penny out of the pocket of a Wall Street Bank and their shareholders.
The main thrust to hamstring this bureau has come from Congressman Hensarling Financial Control Act to gut Dodd Frank, he is resubmitting the bill. Trump has been fairly non-committal on this. So what's the problem they are trying to address??
Well my first question is why, the bureau has recovered billions in shady practices from individuals and banks so what is the problem. Seems like they are exposing these shady practices and protecting consumers particularly those on the fringe.
Trump hasn't been clear on which direction he will go (what else is new) but the GOP certainly has fought this agency tooth and nail.
Have you ever tried to USE the agency? I did, TOTALLY WORTHLESS. Its more a leftist political machine than anything. I had a complaint and they did the minimum in contacting the company and did absolutely NOTHING else, not even a followup. They are just a group to push a liberal agenda. WORTHLESS. They should be dismantled.
Have you ever tried to USE the agency? I did, TOTALLY WORTHLESS. Its more a leftist political machine than anything. I had a complaint and they did the minimum in contacting the company and did absolutely NOTHING else, not even a followup. They are just a group to push a liberal agenda. WORTHLESS. They should be dismantled.
While your experience may be true they have recovered billions of dollars, since when is protecting consumers from predatory practices considered just a liberal trait.
Have you ever tried to USE the agency? I did, TOTALLY WORTHLESS. Its more a leftist political machine than anything. I had a complaint and they did the minimum in contacting the company and did absolutely NOTHING else, not even a followup. They are just a group to push a liberal agenda. WORTHLESS. They should be dismantled.
Yeah, if you're an actual consumer, they are as useful as the BBB.
I tried to get help from them once as well. Waste of my time.
Have you ever tried to USE the agency? I did, TOTALLY WORTHLESS. Its more a leftist political machine than anything. I had a complaint and they did the minimum in contacting the company and did absolutely NOTHING else, not even a followup. They are just a group to push a liberal agenda. WORTHLESS. They should be dismantled.
The agency doesn't exist to be your personal collection agency or knee-capper. It is a regulatory agency.
They compile complaints and investigate, looking for patterns of malfeasance and chicanery. The agency can initiate lawsuits for a class of victims and can introduce new regulations to protect the consumers in general. They can also propose legislation, if congress will listen to them (which congress won't when it is controlled by Republicans).
Since when does protecting the general public have to be a liberal or conservative agenda? It is a patriotic act.
We are far better off with them functioning as intended than the alternative.
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