Eliminating the Consumer Financial Protection Bureau?

[neurosis]

Forget the conflict of interest aspect

Is eliminating the CFPB a good idea considering it saves an estimated $6.1 billion annually for American consumers?

I'm trying to find accurate budget information for the CFPB.

Is this accurate? Seems like a low budget considering the consumer savings?

"The Consumer Financial Protection Bureau's (CFPB) projected budget for fiscal year (FY) 2025 is $810.6 million. This is based on a formula specified in Dodd-Frank. "

https://crsreports.congress.gov/product/pdf/R/R48295/2#:~:text=The%20CFPB's%20projected%20budget%20estimate,director%20or%20in%20CFPB's%20priorities.

[Jeff]

don't care.
DRAIN THE SWAMP!

[neurosis]

don't care.
DRAIN THE SWAMP!

"Drain the swamp" is a good catch phrase, but this seems like a pretty good ROI? My question is, does it do more harm than good? I have a feeling that I'm not going to get many objective opinions on this but I thought I would try anyway.  lol.

[Jeff]

There are a lot of things that USAID and other funded programs  are doing that are actually good. I don't think anyone is denying that.

The problem is that there is SO much corruption weaved into everything that they need to sift thru it all to find it.
For example, Musk said the other day that there are social security checks being sent to someone who is 150 years old. Not to mention other people who are dead. Who's getting that money?

Grants that were 30 month grants still being paid after 20 years.
Who's getting that money?

Trillions of OUR dollars being wasted or being used as kickbacks to these corrupt politicians.
Guess who's screaming loud and wanting the corruption from being exposed?

[JParis]

Everyone wants to cut government but not their pet project.

The question people should be asking is this..."is this a function granted to the federal government?"

That answer is a resounding NO!

[CNCAppsJames]

Unless it is an enumerated power expressly granted in the US Constitution, the amswer.is ALWAYS; "FUCK YOU, NO!"

It's quite simple really, no they cannot do that. All these 3 letter agencies enacting "rules" that are not Constitutionally granted the power to enact, but nobody stops them. Until now.

At this point, IDGAF if something is a "good idea" or not. The answer is no! Stop it.

[Jim at Gentex]

I think these things are not so much about WHAT we do, but HOW we do it.

Certainly, protecting consumers from being ripped off is a worthy cause, but sadly the federal government is often the least efficient vehicle for achieving such a goal.

...considering it saves an estimated $6.1 billion annually for American consumers

Yes, but is that actually true?
What is the source of that $6.1B figure?
The agency itself?
One thing federal agencies are very good at is justifying their own existence. 

Part of this whole DOGE effort is to get to the bottom of waste and corruption, and the only way to do that is to first obtain real, independent facts and figures.

If we really are getting what we pay for, then there is no need to change it.
But if the DOGE folks find cause for concern, we should at least listen to their reasoning.

Chances are that waste and corruption are rooted so deep that the best course of action is to just scrap the whole thing.   

[gcode]

In the news this morning is $20 billion DOGE found in a civilian bank.
The Biden Admin parked it there just before Trump's inauguration.
The intent was to have funds available to continue funding for some of Biden's environmental policies
after Trump gained control of the Federal purse strings.
How is this even remotely legal?

[Smit]

I think these things are not so much about WHAT we do, but HOW we do it.

You ain't wrong there gcode. How we do it is the key. And transparency so everybody knows you're not just saying stuff that ain't true.

If we had people who were thoughtfully analyzing and making well reasoned and justified decisions it would be great. But that's not what we have now is it?

In the news this morning is $29 billion DOGE found in a civilian bank.

Please, where did you get this "news" from?

Let me guess. It's a tweet from Elon?

[beej]

Forget the conflict of interest aspect

Is eliminating the CFPB a good idea considering it saves an estimated $6.1 billion annually for American consumers?

I'm trying to find accurate budget information for the CFPB.

Is this accurate? Seems like a low budget considering the consumer savings?

"The Consumer Financial Protection Bureau's (CFPB) projected budget for fiscal year (FY) 2025 is $810.6 million. This is based on a formula specified in Dodd-Frank. "

https://crsreports.congress.gov/product/pdf/R/R48295/2#:~:text=The%20CFPB's%20projected%20budget%20estimate,director%20or%20in%20CFPB's%20priorities.

I would be curious to know if you could identify something that is different now because that agency was created, than how it was prior to it's creation. There might be something that I'm not thinking of or seeing.

Here is what I do know, I used to go into my local bank and ask for a loan to buy a car. They would approve it fairly quickly, I'd sign a couple of papers and the car loan was done. Now, ever since Dodd-Frank, I have to sign at least 30 papers to buy that same car. this is a paper saying you know you have to pay back the loan, this is a paper saying that says, we are unaffiliated with the car manufacturer, this is a paper saying that you will carry insurance on the vehicle, this is a paper that says there is not penalty for paying this loan off early, this is a blank paper that you need to sign, (Why is there always,now, a blank piece of paper that has to be signed?)

These pages, are shuffling so fast in front of you that, they don't really do anything for the consumer, they only cover the banks ass. But anything that is covering the bank's ass, is costing me money, not the bank. So when they say they are saving consumers 6 billion a year, I wonder how much are they costing me?

[Jim at Gentex]

You ain't wrong there gcode.

Who?

Better clean those weapons grade rose colored glasses... 

[neurosis]

Now, ever since Dodd-Frank, I have to sign at least 30 papers to buy that same car.

So when they say they are saving consumers 6 billion a year, I wonder how much are they costing me?

So does eliminating the CFPB change or eliminate Dodd–Frank?

[beej]

So does eliminating the CFPB change or eliminate Dodd–Frank?

I'm not sure about that, I don't think so. The CFPB was created by Dodd Frank, but I'm honestly not sure if all of the banking regulations come from the Dodd-Frank bill or if they come from the fact that the CFPB can write it's own laws. But I will tell you that I really am against departments that can write their own laws.

[Smit]

Better clean those weapons grade rose colored glasses... 

Bwa hahahaha! Rose colored glasses? That never gets old! 

And it's easy and always works with Trumpers.

I think maybe I'll just get me some of those orange colored glasses like yours.

Where do you guys get your military grade orange colored glasses?

OMG, that's so funny. Bwa hahahaha!

[gcode]

Please, where did you get this "news" from?

Let me guess. It's a tweet from Elon?

Fox News

The Environmental Protection Agency (EPA) administrator Lee Zeldin said Wednesday that his team has located $20 billion in tax dollars that the Biden administration purposely wasted.

"An extremely disturbing video circulated two months ago, featuring a Biden EPA political appointee talking about how they were 'tossing gold bars off the Titanic,' rushing to get billions of your tax dollars out the door before Inauguration Day," Zeldin said in a video posted to X, citing another video from December. "The 'gold bars' were tax dollars and 'tossing them off the Titanic' meant the Biden administration knew they were wasting it."

Zeldin said the EPA has plans to recover the "gold bars" that were found "parked at an outside financial institution," which he does not mention by name.

He said that "this scheme was the first of its kind in EPA history, and it was purposefully designed to obligate all the money in a rush job with reduced oversight" before Inauguration Day.