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Voted to repeal the Consumer Finance Protection Bureau guidelines to inform people buying cars
Yeah---GOP
Make us aware of how much you really care about the average working men and women of America!!
Let them run on THAT benefit to Americans in 2018....
I know why all the fuss. It's as if anything 0bama did as president was perfect, and to repeal it is to send us back into the Stone Age.
You mean I don't have to hear that hyper-active chipmunk who reads gibberish at the end of every car ad?
GREAT! It's not like anyone could understand him anyway.
If the CFPB did its job, all that gibberish that no one could understand would have to be actually intelligible. IMO, the CFPB is a good concept but could have been better executed.
I simply see that bureau as some protections put in place because when businesses are not kept in check at all, they do everything in their power to make every possible dollar they can regardless of the deceit to the customer. They will go so far as to break the laws that aren't being enforced.
That is true, Ive never thought about it like that, financing a car is a TERRIBLE decision, the only ones benefiting are the banks and dealerships.
Financing a car is a decision that must be weighed against other factors, like the cost of not having reliable transportation, the cost of having to live near work, etc.
If someone is in a situation where they have $0, no access to transportation, and just took their first job that they need to get to-and-from, then financing a car is not necessarily such a terrible decision.
I was told that with the low interest rates that you were stupid for not financing and investing the money instead. Most likely from many of those who demean those who have to borrow to get a reliable car. Because that's really what it is about. Demeaning others.
Here is an idea, let consumers opt to pay a fee that allows them to call in to a government help line when they are doing something and need their parents to help them.
Bottom line, the Congressional Review Act is a check on unaccountable overreaches of bureaucratic power.
Entirely too many departments are functioning as their own independent branches of government under the assumption they can do whatever they want. In this case, the CFPB "guideline" is dictating underwriting and credit guidelines based on race instead of proper actuarial risk assessment, and the "guideline" is nowhere near as helpful or innocent as the euphemistic title would suggest, but rather it is the full force of faceless bureaucracy law, expressing the will of exactly one person - Barack Obama - who is no longer even holding elected office in order to be held accountable. The theory of the CFPB is that when someone gets charged extra fees or interest, it must be racial discrimination, therefore it cannot be allowed. I have had bad credit and now have stellar credit, and a result, I have been offered really awful deals for car loans, and I have gotten really stellar ones...and at no point has my race changed. I used to be a serious actuarial risk, and now I am a lender's dream applicant. CFPB did a flawed study that was a conclusion seeking even the slimmest tangential proof that requires discarding tons of variables and focusing on exactly one, and from that point they issued an edict that carried the force of federal law.
The Legislative branch that answers to voters in elections has diminished the power of those NOT answerable to voters with this latest action, and that is a good thing. Laws should only be made by those the people can hold directly accountable wit their vote. Executive branch dictates, guidelines and other usurpations of proper legislative due process should be shunned.
Good for the Senate. Only thing I am sad about is the dopey CFPB still exists. But we'll burn that bridge when we get to it.
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