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Why does the CFPB exist?

#1

It has ZERO oversight from anyone. It can do anything it wants, fine any entity it wants and impose regulations and restrictions without having to consult anyone or anything.

And now Leandra English is suing Trump to stop him from naming a new head of this illegal unconstitutional organization.

Why does the left like spending wasting American tax payer dollars? All the lawsuit will do is spend money and waste time, because it's not going to work.

It really makes you wonder if they even love this great country of ours.
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#2

I can’t think of a rule more basic and essential than defining an acronym when it is initially introduced. Seems pretty simple.
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#3

(11-27-2017, 09:32 AM)homebiscuit Wrote: I can’t think of a rule more basic and essential than defining an acronym when it is initially introduced. Seems pretty simple.

The Consumer Financial Protection Bureau?

It's the only organization in government that has no oversight.
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#4

(11-27-2017, 09:34 AM)TrivialPursuit Wrote:
(11-27-2017, 09:32 AM)homebiscuit Wrote: I can’t think of a rule more basic and essential than defining an acronym when it is initially introduced. Seems pretty simple.

The Consumer Financial Protection Bureau?

It's the only organization in government that has no oversight.

You’ve inserted a question mark after the definition. Are you uncertain what the acronym means?
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#5

Imagine an upper inflection like a valley girl.

It's questioning how an adult in the United States doesn't know what the CFPB is.
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#6

Oh man, where to begin?

The CFPB is a constant thorn in my side. They act independently of Congress, set rules that, as far as industry is concerned, might as well be laws, they continually reach outside of their jurisdiction, and they constantly get away with it. It's infuriating, and I hope Trump appoints a new head that believes in a considerably weaker CFPB that's accountable to Congress and has to ability to remove a director who's gone rogue (like Cordray did long ago).

That said, hate the CFPB as much as I do, I understand why it was created and appreciate the role it was originally created to serve. It does, in fact, serve a purpose. The big banks hate the arbitration rule for a reason: arbitration saves them billions of dollars and prevents those involved from going to the press to air their grievances. It's a win-win. The banks win disputes more often than not and avoid the negative publicity that comes with sending lawyers paid tens of millions per year to court against a guy who makes $40k and was screwed by overdraft fees that shouldn't have been charged. There are actually a lot of examples of the CFPB doing right by the American public, but its director had gone completely overboard and there was no method of replacing him.

We do need a CFPB or, if the "CFPB" brand is irreparably damaged, a successor organization to protect the interests of individuals against the big banks, payday lenders, debt collectors and anyone else with a business model that's designed to screw them. What we don't need is another CFPB director who acts without accountability and oversteps his bounds without repercussion. Reign the bureau in, restrict it to its originally designed scope and make it accountable for its actions. That fixes it.

And hopefully gets it off my back.
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#7

(11-27-2017, 12:02 PM)TJBender Wrote: Oh man, where to begin?

The CFPB is a constant thorn in my side. They act independently of Congress, set rules that, as far as industry is concerned, might as well be laws, they continually reach outside of their jurisdiction, and they constantly get away with it. It's infuriating, and I hope Trump appoints a new head that believes in a considerably weaker CFPB that's accountable to Congress and has to ability to remove a director who's gone rogue (like Cordray did long ago).

That said, hate the CFPB as much as I do, I understand why it was created and appreciate the role it was originally created to serve. It does, in fact, serve a purpose. The big banks hate the arbitration rule for a reason: arbitration saves them billions of dollars and prevents those involved from going to the press to air their grievances. It's a win-win. The banks win disputes more often than not and avoid the negative publicity that comes with sending lawyers paid tens of millions per year to court against a guy who makes $40k and was screwed by overdraft fees that shouldn't have been charged. There are actually a lot of examples of the CFPB doing right by the American public, but its director had gone completely overboard and there was no method of replacing him.

We do need a CFPB or, if the "CFPB" brand is irreparably damaged, a successor organization to protect the interests of individuals against the big banks, payday lenders, debt collectors and anyone else with a business model that's designed to screw them. What we don't need is another CFPB director who acts without accountability and oversteps his bounds without repercussion. Reign the bureau in, restrict it to its originally designed scope and make it accountable for its actions. That fixes it.

And hopefully gets it off my back.

We don't need anything in Government that can make up its own rules arbitrarily with absolutely no oversight.

I agree that we need something like it, but nothing like it is currently.

It's unconstitutional, I have no idea why it's allowed to continue in its present state.
Reply

#8

(11-27-2017, 01:54 PM)TrivialPursuit Wrote:
(11-27-2017, 12:02 PM)TJBender Wrote: Oh man, where to begin?

The CFPB is a constant thorn in my side. They act independently of Congress, set rules that, as far as industry is concerned, might as well be laws, they continually reach outside of their jurisdiction, and they constantly get away with it. It's infuriating, and I hope Trump appoints a new head that believes in a considerably weaker CFPB that's accountable to Congress and has to ability to remove a director who's gone rogue (like Cordray did long ago).

That said, hate the CFPB as much as I do, I understand why it was created and appreciate the role it was originally created to serve. It does, in fact, serve a purpose. The big banks hate the arbitration rule for a reason: arbitration saves them billions of dollars and prevents those involved from going to the press to air their grievances. It's a win-win. The banks win disputes more often than not and avoid the negative publicity that comes with sending lawyers paid tens of millions per year to court against a guy who makes $40k and was screwed by overdraft fees that shouldn't have been charged. There are actually a lot of examples of the CFPB doing right by the American public, but its director had gone completely overboard and there was no method of replacing him.

We do need a CFPB or, if the "CFPB" brand is irreparably damaged, a successor organization to protect the interests of individuals against the big banks, payday lenders, debt collectors and anyone else with a business model that's designed to screw them. What we don't need is another CFPB director who acts without accountability and oversteps his bounds without repercussion. Reign the bureau in, restrict it to its originally designed scope and make it accountable for its actions. That fixes it.

And hopefully gets it off my back.

We don't need anything in Government that can make up its own rules arbitrarily with absolutely no oversight.

I agree that we need something like it, but nothing like it is currently.

It's unconstitutional, I have no idea why it's allowed to continue in its present state.

It's yet another element of the well-intentioned Dodd-Frank legislation that has gone way too far. The Democratic power structure didn't want to dismantle it for obvious reasons, and the Republican power structure hasn't been able to agree on the color of the sky, let alone how to tear out the overreaching parts of Dodd-Frank while leaving something more reasonable intact.
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#9

(11-27-2017, 09:32 AM)homebiscuit Wrote: I can’t think of a rule more basic and essential than defining an acronym when it is initially introduced. Seems pretty simple.

(11-27-2017, 09:34 AM)TrivialPursuit Wrote:
(11-27-2017, 09:32 AM)homebiscuit Wrote: I can’t think of a rule more basic and essential than defining an acronym when it is initially introduced. Seems pretty simple.

The Consumer Financial Protection Bureau?

It's the only organization in government that has no oversight.

(11-27-2017, 10:39 AM)TrivialPursuit Wrote: Imagine an upper inflection like a valley girl.

It's questioning how an adult in the United States doesn't know what the CFPB is.

I was confused too... I thought this was something about college football playoff bracket lol
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#10
(This post was last modified: 11-27-2017, 04:34 PM by HURRICANE!!!.)

(11-27-2017, 09:26 AM)TrivialPursuit Wrote: Why does the left like spending wasting American tax payer dollars? All the lawsuit will do is spend money and waste time, because it's not going to work.

It really makes you wonder if they even love this great country of ours.

Trump took 17 trips to Mar-a-Lago since taking office.  Each trip cost the taxpayers ~ $3m.

Updated:  Why does the left and right like spending wasting American tax payer dollars?

http://www.townandcountrymag.com/society...ar-a-lago/
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#11

I can think of another agency with no oversight, the freaking EPA and the hassels it puts land owners through
Me sarcastic? No couldn't be. I am much too dim witted to grasp the quaint subtleties of such potent mockery!!!
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#12

(11-27-2017, 04:34 PM)HURRICANE!!! Wrote:
(11-27-2017, 09:26 AM)TrivialPursuit Wrote: Why does the left like spending wasting American tax payer dollars? All the lawsuit will do is spend money and waste time, because it's not going to work.

It really makes you wonder if they even love this great country of ours.

Trump took 17 trips to Mar-a-Lago since taking office.  Each trip cost the taxpayers ~ $3m.

Updated:  Why does the left and right like spending wasting American tax payer dollars?

http://www.townandcountrymag.com/society...ar-a-lago/

I don't care what he does because every President has wasted money like that. Every single one.

What I don't understand are the frivolous lawsuits the left launches wasting time and tax payer money.

It's ridiculous. Made even more ridiculous by the hundreds of appeals that seem to happen after a ruling; this is why nothing gets done.
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#13

(11-27-2017, 06:28 PM)TrivialPursuit Wrote:
(11-27-2017, 04:34 PM)HURRICANE!!! Wrote: Trump took 17 trips to Mar-a-Lago since taking office.  Each trip cost the taxpayers ~ $3m.

Updated:  Why does the left and right like spending wasting American tax payer dollars?

http://www.townandcountrymag.com/society...ar-a-lago/

I don't care what he does because every President has wasted money like that. Every single one.

What I don't understand are the frivolous lawsuits the left launches wasting time and tax payer money.

It's ridiculous. Made even more ridiculous by the hundreds of appeals that seem to happen after a ruling; this is why nothing gets done.

You really, truly think that the Democrats are the only side of this government that rolls on the floor kicking and screaming when they don't get their way?
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#14

(11-27-2017, 07:36 PM)TJBender Wrote:
(11-27-2017, 06:28 PM)TrivialPursuit Wrote: I don't care what he does because every President has wasted money like that. Every single one.

What I don't understand are the frivolous lawsuits the left launches wasting time and tax payer money.

It's ridiculous. Made even more ridiculous by the hundreds of appeals that seem to happen after a ruling; this is why nothing gets done.

You really, truly think that the Democrats are the only side of this government that rolls on the floor kicking and screaming when they don't get their way?

Of course not. But that's not what I'm talking about.

I just don't remember this many lawsuits filed by people who have no business filing lawsuits against their superior, the President of the United States, ever before.

Do I like Trump? Nope. Did I like Obama? Not particularly.

Do I respect the office of the President of the UNITED States of America? Absolutely, yes I do.

That doesn't mean I want him going out and doing illegal things, I don't want any President doing that - but these lawsuits filed by underlings because they don't like who he MIGHT pick? You don't think that's a little ridiculous?
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#15

(11-28-2017, 09:23 AM)TrivialPursuit Wrote:
(11-27-2017, 07:36 PM)TJBender Wrote: You really, truly think that the Democrats are the only side of this government that rolls on the floor kicking and screaming when they don't get their way?

Of course not. But that's not what I'm talking about.

I just don't remember this many lawsuits filed by people who have no business filing lawsuits against their superior, the President of the United States, ever before.

Do I like Trump? Nope. Did I like Obama? Not particularly.

Do I respect the office of the President of the UNITED States of America? Absolutely, yes I do.

That doesn't mean I want him going out and doing illegal things, I don't want any President doing that - but these lawsuits filed by underlings because they don't like who he MIGHT pick? You don't think that's a little ridiculous?

I never said I didn't.
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#16

This is a microcosm of the problem with our "leadership" today. The Left takes a well-intentioned idea and overreaches, the Right wants it abolished because it reaches more than an inch, the result is no possibility of a reasonable compromise.
If something can corrupt you, you're corrupted already.
- Bob Marley

[Image: kiWL4mF.jpg]
 
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#17

(11-28-2017, 02:24 PM)rollerjag Wrote: This is a microcosm of the problem with our "leadership" today. The Left takes a well-intentioned idea and overreaches, the Right wants it abolished because it reaches more than an inch, the result is no possibility of a reasonable compromise.

well intentioned?  How long are we going to keep talking about good intentions when the results are predictable?  "If only we will pass a federal reserve system, we will never again have to worry about banking panics, or contractions in the money supply."  a few years later, under that system we have the WORST banking panic and the WORST contraction of the money supply.  "Oh if only we had a government agency to regulate the buying of mortgages, and to keep an eye on the evil lenders..."  Fannie and Freddie LEAD the country into the worst banking collapse in the country's history rife with carelessness recklessness and Enron like accounting practices.  "Oh if only we had an unaccountable rogue agency with virtually unlimited powers to keep an eye on the EVIL banks..."  Let me know how that works out for you.  

Calling Dahmer a baby sitter, or Bin Laden an accountant doesn't change their basic nature just like slapping some warm fuzzy label on state agencies doesn't change the inherent nature of the state.  

There is and never will be a substitute for a well educated populace making their own VOLUNTARY DECISIONS about their own financial arrangements.  All attempts to disrupt that have failed miserably.
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#18

(11-28-2017, 02:24 PM)rollerjag Wrote: This is a microcosm of the problem with our "leadership" today. The Left takes a well-intentioned idea and overreaches, the Right wants it abolished because it reaches more than an inch, the result is no possibility of a reasonable compromise.

I'm fine with what the CFPB was made to be.. however it was given completely unlimited power with absolutely no oversight. That's just a huge mistake that needs to be rectified. I guess I should have said "...in its current form" in the topic, I guess I'm a little guilty of click bait?

Can't we all just compromise without immediately going into defense/offense mode and involving lawyers and slinging pointless insults.

Conversation isn't a bad thing; why is it being marginalized?
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#19

(11-30-2017, 09:40 AM)TrivialPursuit Wrote:
(11-28-2017, 02:24 PM)rollerjag Wrote: This is a microcosm of the problem with our "leadership" today. The Left takes a well-intentioned idea and overreaches, the Right wants it abolished because it reaches more than an inch, the result is no possibility of a reasonable compromise.

I'm fine with what the CFPB was made to be.. however it was given completely unlimited power with absolutely no oversight. That's just a huge mistake that needs to be rectified. I guess I should have said "...in its current form" in the topic, I guess I'm a little guilty of click bait?

Can't we all just compromise without immediately going into defense/offense mode and involving lawyers and slinging pointless insults.

Conversation isn't a bad thing; why is it being marginalized?

Makes for boring TV.
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