Eliminating the Consumer Financial Protection Bureau?

[neurosis]

from the next paragraph after your quote:
The Bureau has the authority to administer, enforce, and otherwise implement federal consumer financial laws, which includes the power to make rules, issue orders, and issue guidance ( 12 U.S.C. § 5511 )

Right. Regulation and rules, aren't laws.

I guess this could be an argument of semantics? But there is a difference.

[CNCAppsJames]

Right. Regulation and rules, aren't laws.

I guess this could be an argument of semantics? But there is a difference.

They'll both land you in prison ergo, no practical difference.

This is the argument the bureaucracy makes to congress; "we're not making laws so therefore you don't need to look at us", also the bureaucracy, but to us "... don't you EEEEEVEN think about draining that pond on your property, we'll put you in prison so fast your head will spin byotch."

[neurosis]

This is the argument the bureaucracy makes to congress; "we're not making laws so therefore you don't need to look at us", also the bureaucracy, but to us "... don't you EEEEEVEN think about draining that pond on your property, we'll put you in prison so fast your head will spin byotch."

Isn't most regulation made available for public comment before it's passed? I think that's the way it's 'supposed' to work? 

I do think it's an important distinction.  If Beej said "I don't like agencies that create regulation", the alternative would be no government regulation. And yea yea.. I already know where that's going to go.   

[RobertELee]

Isn't most regulation made available for public comment before it's passed? I think that's the way it's 'supposed' to work?   

Have you ever commented on one? It's a maze of hoops to jump through and the only thing it does is sends an email to your representative. Then you get a canned message back from them(likely a staffer) saying thank you for your support or whatever the topic could be. Do you think these people actually read any of what they get from the public?

[neurosis]

Have you ever commented on one? It's a maze of hoops to jump through and the only thing it does is sends an email to your representative. Then you get a canned message back from them(likely a staffer) saying thank you for your support or whatever the topic could be. Do you think these people actually read any of what they get from the public?

You mean to tell me that even though they are supposed to be required to review and respond to public comments by law, they don't?   

No, I've never bothered. I feel the same way. Well, 1) that I wouldn't understand some of it anyway 2)I don't believe they read all of the comments.

[CNCAppsJames]

Isn't most regulation made available for public comment before it's passed?

As if we AKSHULLY have a say.

Do you know how many "regulations" the ATF makes every year with "public input" and what they actually do with said input? If they wiped their ass with "Public Input" it would be an improvement.

These unlected bureaucrats do what the fuck they want, when the fuck they want to do it, and to whome the fuck they want.... with impunity.

You want to talk about anarchy... those mother fuckers....

[neurosis]

First blow to US consumers?

Not the Federal Governments job to protect consumers from corporate fraud?

The CFPB drops its lawsuit against Capital One, marking a major reversal

https://www.npr.org/2025/02/27/nx-s1-5311561/cfpb-confirmation-mckernan-lawsuits-capital-one

Just last month, the CFPB had accused Capital One of failing to pay more than $2 billion in interest to customers by misleading them into thinking they would be getting higher rates. Capital One denied the charges.

The bureau also dropped its cases against Rocket Homes, Pennsylvania Higher Education Assistance Agency, Vanderbilt Mortgage and Finance, and Heights Finance Holding Company.

"Last month, prior to Trump taking office, the CFPB sued Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts — with the bureau accusing the banking giant of "cheating" customers out of more than $2 billion in lost interest payments as a result. Meanwhile, its Jan. 6 suit against Vanderbilt Mortgage accused the lender of pushing consumers into loans they couldn't afford to buy manufactured homes. And the CFPB's December complaint against Rocket Homes alleged a "kickback scheme" from the company to illegally steer prospective borrowers to Rocket Mortgage, which operates under the same parent company, and away from other competitors."

[JParis]

Dave...

Are you "assuming" that just because the government said it's so, that it is?

[neurosis]

Dave...

Are you "assuming" that just because the government said it's so, that it is?

That there was fraud? I'd have to dig deeper in to why they started these investigations lawsuits in the first place. I don't know that there was or wasn't. The CFPB seems to have had a pretty good track record up to this point?

This explains the reason for the Capitol One lawsuit.

https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-capital-one-for-cheating-consumers-out-of-more-than-2-billion-in-interest-payments-on-savings-accounts/

• "Misled consumers about "high interest" accounts:

Capital One illegally deceived consumers and Capital One, N.A. violated the Truth in Savings Act by representing that 360 Savings provided a variable interest rate that was "one of the nation's" "top," "best," and "highest," and would earn much more interest than the average savings account.

• Kept consumers in the dark to maintain a two-tier system:

Capital One misrepresented to existing customers that its 360 Savings account was and would be its only 360 high-interest savings product with the features, terms, and conditions of 360 Savings and obscured from those customers its newer, much-higher-interest 360 Performance Savings accounts, which otherwise had all the same terms, conditions, and features of 360 Savings. Capital One used 360 Performance Savings to attract new depositors without paying existing depositors the interest they were promised. Capital One avoided paying more than $2 billion in additional interest to millions of customers because of these actions."

[Jeff]

The CFPB seems to have had a pretty good track record

It was founded by Pocahontas. That already makes it suspect.
That being said, I know nothing about the CFPB, and I would wager nobody here has heard of it until yesterday.

[JParis]

and frankly, not even something the "fed" should be doing....if people of a state want that kind of function in their government, that is the appropriate location for it.

[neurosis]

That was why I added the "Not the Federal Governments job to protect consumers from corporate fraud?".  I know how most of the small government guys feel about this (even though we've seen some recent federal EO's that are exempt from that same criticism).

I remember how the forum conversations went regarding predatory lending after the "2008 financial crisis" when all of this "Consumer Protection" legislation was being discussed.   

[JParis]

I remember how the forum conversations went regarding predatory lending

In most cases it was never predatory lending, it was people taking loans they were NEVER qualified to have...but I digress

[neurosis]

Yes, I remember the conversations.  If people are too stupid not to take on a loan they can't afford to pay back, then that's on them.    I remember because I shared that opinion back then.

Turned out, it was on all of us when we had to bail the banks out.

[mowens]

There is still a lot of predatory lending, though on a smaller scale.

For example, you have a young family. You have an ok job but still live paycheck to paycheck. You have an unexpected $400 repair bill on your work vehicle; it needs to be fixed so you can go to your job. Where do you get the money?

Finally, you get a $500 pay day loan. At 297% annual interest. Then you're stuck in a revolving door. Every paycheck, you go pay off your loan plus interest then get a new loan because you still can't afford a $500 payment.

I know reforms have been talked about but I don't know if anything has come of it.