The CFBP is apparently on the chopping block next. What's going on with that one?
🧐 Research Wanted 🤔
This is one agency where I'm having difficulty figuring out what exactly they'd be doing to swindle us and why the whole agency needs to go. USAID is something I understand, but this?
Can anyone help me out here?
From Wikipedia, the free Consumer Financial Protection Bureau
Agency overview Formed July 21, 2011; 13 years ago. Jurisdiction United States Headquarters Washington, D.C., U.S. Employees 1,591 (2021)[1] Annual budget US$596 million (FY 2021) Agency executive Scott Bessent, Acting director Parent agency Federal Reserve Key document Dodd–Frank Wall Street Reform and Consumer Protection Act Website www.consumerfinance.gov Edit this at Wikidata The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, for-profit colleges, and other financial companies operating in the United States. Since its founding, the CFPB has used technology tools to monitor how financial entities used social media and algorithms to target consumers.[2]
The agency was originally proposed in 2007 by Elizabeth Warren while she was a law professor.
That's almost all you need to know, to understand that this thing is a nightmare of business intimidation and extortion.
And it seems to do none of what’s implied in the name. Given the Predatory nature of the American Financial, Insurance, and Educational sectors . And how many consumers get absolutely fucked by all 3 year after year.
Dare I mention the marketing of high interest rate credit cards to college students through sports sponsorships and advertisements?
It's like, get them addicted to debt slavery from an early age.
Next thing they will be implanting chips in them or something.
If you have ever filed a complaint to the CFPB and experienced firsthand the way they respond, you would realize more fully how they are aligned with the Federal Reserve and the banks rather than the Consumer.
I have experienced it. And I am not alone.
To me, the Consumer Finance Protection Bureau acts like their core mission is to protect the banks from the consumer and their complaints. But their core mission is to serve consumers.
Building the New Consumer Bureau By Elizabeth Warren – MAR 16, 2011
Ask yourself, how many times as a consumer have I gone to the CFPB? Now, tell us. How many of y'all said zero? You get my point.
They failed at their core mission. Where's the meritocracy in that?
IMHO.
I need someone to explain it to me like I'm 5 years old and retarded.
We the people elected a guy President that is not controlled by the banks and Federal Reserve, or their system of controls and controllers.
We elected him to serve US, We the people.
We are the Consumers and the taxpayers. We use the credit cards, and take out the loans, and spend the money we earn on really BIG (some would say YUGE) compounding interest rates that mostly benefit the financial guys and their industry.
So as a remedy to this problem, our brilliant Congress formed a Bureau to "protect" us Consumers from those Financial guys that would try to pull the wool over our eyes regarding our use of their financial services (credit cards, loans, etc.)
But if you look at actual performance, the Consumers are worse off now than when this Bureau was formed.
The CFPB failed to protect Consumers from Financial abuse, a waste of our taxpayer dollars.
Senator Warren will be on the warpath.
Good. That's one way we know we're over the target.
https://x.com/elonmusk/status/1887979940269666769
Sauce
It's funding structure is very odd. Gets its $ from enforcement actions and the Federal Reserve.
Like a lot of these agencies, it's its own little legislature, making laws (oh, excuse me: "rules") as it pleases:
https://www.consumerfinance.gov/rules-policy/rules-under-development/
Limits its complaints to garbage products: credit cards, mortgages, college loans, payday loans, etc. You can't submit complaints about market fraud, for example.
To be honest it seems to just do a lot of nothing at this point. Probably just serves as a backstop to stop competition as it emerges, under the pretext of "protecting consumers".
The CFBP was set up to be funded by the Federal Reserve, not Congress, in order to evade Congressional oversight. Of course that means Congress isn’t needed to defund it either.
My husband works in banking and HATES the CFPB
It appears the CFPB, FDIC, Medicare, and Medicaid are all funded outside of congressional appropriations, likely all ripe for laundering Fed money, and not on the books. Also CFPB is like a gestapo/FBI for financial companies - they have a supervisory department that can conduct an investigation of private data without even suspecting a crime.