Yet another example of billionaires carving our asses up. Rich people don't want any oversight.
The rich rapist ending the Consumer Protection Agency
- Thread starter Huey Grey
- Start date
I like to bring this up because these actions are unconscionable.
At a cost of 80 million a year the CFPB has returned 21 billion dollars in money defrauded from customers by financial institutions over its 14 year run. This is a clear signal that they want to defraud consumers with impunity.
It ranks near the top of government agencies in favorability with the USPS and the Nation Park Service. The last I saw the CFPB has a favorability of 75% which is amazing by today's standards.
Elon Musk has a special interest in killing the CFPB because he wants to make X a payment processor which would put it under CFPB umbrella to prevent financially defrauding users. It almost looks like Elon wants to defraud people of their money.
A nickname for the CFPB is the anti-scam police. On top of returning 21 billion dollars to people it also capped overdraft fees, made it so overdrafts couldn't be rearranged to hit people with maximum overdrafts, and made it so medical debt doesn't show up on credit reports.
At a cost of 80 million a year the CFPB has returned 21 billion dollars in money defrauded from customers by financial institutions over its 14 year run. This is a clear signal that they want to defraud consumers with impunity.
It ranks near the top of government agencies in favorability with the USPS and the Nation Park Service. The last I saw the CFPB has a favorability of 75% which is amazing by today's standards.
Elon Musk has a special interest in killing the CFPB because he wants to make X a payment processor which would put it under CFPB umbrella to prevent financially defrauding users. It almost looks like Elon wants to defraud people of their money.
A nickname for the CFPB is the anti-scam police. On top of returning 21 billion dollars to people it also capped overdraft fees, made it so overdrafts couldn't be rearranged to hit people with maximum overdrafts, and made it so medical debt doesn't show up on credit reports.
Asshole boys plan is to reduce the agency down to 5 people from 1,700. Get ready for consumers to get screwed bigly.
With no recourse. The CFPB had the strength and money to bring those institutions to the table or to court. A regular person does not and they won't be able to afford the lawyers basically leaving unfettered ability to scam and maybe even factor in the losses of the scams vs the risks of class action.
House Democrats join legal fight against Trump's efforts to dismantle consumer protection agency
First to NBC News: A group of congressional Democrats filed an amicus brief in support of a lawsuit against the administration’s targeting of the Consumer Financial Protection Bureau.
www.nbcnews.com
Well done MAGA!!! The gift that keeps screwing all of us with your goddamn stupidity.
Unbelievable.House Democrats join legal fight against Trump's efforts to dismantle consumer protection agency
First to NBC News: A group of congressional Democrats filed an amicus brief in support of a lawsuit against the administration’s targeting of the Consumer Financial Protection Bureau.
Well done MAGA!!! The gift that keeps screwing all of us with your goddamn stupidity.
The everyday American citizen is so beyond screwed. We're all going to feel this...I just don't know when these decisions hit everyone. Still, we have clowns on this board who think it's either funny or we are exaggerating. Putin most likely taught Trump how to do grab unchecked power. I'm almost positive that was part of the conversation with nobody else involved in at Helsinki.
