Trump orders the CFPB to pause all activity including customer complaints

Trump says "we are are trying to get rid of waster, fraud and abuse" by allowing the nation's largest financial institutions to commit as much "waster, fraud and abuse" as they want.

Convicted Felon Trump is a certified f*cking idiot ... but he is an expert on ... wait for it ... committing bank and other financial fraud.

 

Big Money Laundering Scheme

Rocket River

 

The SCOTUS decision didn't grant "unlimited funding" to every agency - it only upheld the specific structure Congress created for the CFPB. That structure includes capping funding at 12% of the Federal Reserve's total operating expenses from the previous year (eg, in 2023, the cap was around $734 million; the CFPB director can request up to this amount, but not more).

I don't think this is a big deal. If Congress were to allow unlimited funding, the Court could (and SHOULD) strike that down. That question (unlimited funding) remains unanswered because no such case exists.




The big issue here is the executive branch failing to faithfully execute the law, as required by the Constitution.

And, of course, this is yet another example of Project 2025 shifting power to the executive, wanting it to act without restraint. In this case, the executive is siding with billionaires and big banks - the CFPB’s jurisdiction covers financial institutions with $10 billion or more in assets - while harming consumers. Regular Joe and Jane suffer, while big $ benefits.

 

You guys are much more educated on these issues than me. That being said never be amazed at Republican arrogance on financial issues and stupidity.

Republicans used the Lewinsky scandal to get Clinton to sign off on ending glass steagall. Texas senator the arrogant Aggie Phil Graham was a big proponent of ending Glass -Steagall his name was on that bill. It didn't take ten years before getting the 2008 collapse.

Now Trump wants to carry the arrogant stupidity torch

 

They didn't.

 

you need to download an ad blocker

 

Don’t Ha Ha Blackerman me okay guy



@Salvy photoshop a Jheri Curl on Craig, it’s the same person

 

This will hurt Joe Six Pack, why in the world would you not want to protect the people who just elected you......................oh wait...

maga cult will cheer not even realizing that they may need them in the future. As with most things happening now, the pain will not be felt for months and even years but its coming.

The elderly are my biggest concern, scammers prey on them.

 

related

Ranking Member Scott Presses Director of Consumer Financial Protection Bureau on Oppressive Financial Policy, Attack on Free Markets

https://www.scott.senate.gov/media-...sive-financial-policy-attack-on-free-markets/

Ranking Member Scott’s opening remarks as delivered:

Thank you, let me start off by saying, it’s certainly good to be back with the committee. I want to thank my members, fellow members, for their support, specifically in particular Senator Rounds for all of his support during my absence.

I would also like to welcome our newest member, Senator Butler to the committee.

Now turning back to business, just two weeks ago, our financial regulators testified before this committee and faced bipartisan concerns about the impact on everyday American families that these misguided and partisan regulatory proposals would have if implemented as proposed.

While those “independent” regulators have become increasingly politicized under the Biden administration, the CFPB has a much longer history of skirting statutory mandates and avoiding congressional oversight.

Director Chopra, you know these concerns well and you’ve heard from me about those concerns, you’ve heard from my fellow members of the committee, as well as House colleagues.

And yet, the CFPB is no more accountable today than it was at its inception – and I fear under your leadership, the agency is straying even further from its mandated mission.

The abuse of enforcement powers, rulemakings driven by politics instead of policy, and a lack of oversight – which only leads to less economic opportunity – have become hallmarks under your leadership.

The law is clear. When it comes to consumer finance, the CFPB should consistently and fairly enforce federal consumer finance law; safeguard access to markets for consumer financial products and services; and ensure that such markets are fair, transparent, and competitive.

Sadly, the CFPB’s actions don’t match up with its mandate.

Under your leadership, the CFPB has operated in blind pursuit of additional power and has become the hallmark of government overreach – to the point where I am concerned the Bureau is doing more harm to consumers than good.

That is why in July, I led a bicameral group of 132 members of Congress in filing an amicus brief to the Supreme Court, urging the Court to affirm the lower court’s decision that the CFPB’s funding structure is constitutionally defective.

When you last testified before us in June, we discussed your efforts to regulate through speeches and blog posts, your public pressure campaign on fee income, and your attempts to stifle innovation.

Instead of correcting course, it seems that you have only accelerated towards the exact opposite direction of your statutory mission.

Recent reporting even suggests that your agency will be releasing an aggressive fee proposal very soon.

I really hope the old saying that a tiger can’t change its stripes won’t be true for the CFPB.

And yet, we’ve seen that the CFPB recently proposed regulating access to consumer data by consumers and authorized third parties.

As with anything, the devil’s always in the details, but as this proposal advances through finalization, I hope you weigh the new regulatory costs against any benefits that this rulemaking may provide.

And on top of all that, the CFPB is even proposing new supervisory authority over nonbank providers of consumer payment apps. However, the rationale supporting this proposal ignores the real costs of compliance likely to stifle innovation. Costs that also will undoubtedly be paid for by hardworking American families.

I wish I could stop there, but of course the list goes on. Your agency is even pushing for sweeping changes to regulation under the Fair Credit Reporting Act, ignoring the longstanding interpretation of clear legal authority by courts and other regulators.

How do any of these costs and the costly actions actually protect consumers? I hope you help me understand your perspective on that where we will likely disagree.

I meant it when I said at our last hearing – the best way to provide economic opportunity and protect consumers too is to encourage competitive markets and set clear rules of the road for participants. These principles protect our system by fostering competition and innovation rather than vilifying it.

I will stand by these principles, and I certainly have experienced the benefits of having a system where the rules of the road are fair, consistently applied, as a kid who grew up in poverty and understood the American Dream was available, having access to that for the next generation of youngsters is so important from my perspective.

Unfortunately, we see a common theme from the left, that somehow lower income families lack the wherewithal to manage their own affairs and determine what’s best for their families without some sort of government intervention.

While the federal government ought to protect consumers from unscrupulous practices, bureaucrats in Washington should not dictate what families can and cannot have simply by regulating products out of existence and pricing people out.

As I wrap up, I want to address one final, important topic.

A few weeks ago, several reports were published about the toxic work environment and the culture at the FDIC. A few weeks ago, we talked about the importance of making sure that employees at the FDIC, where you sit on the Board, have a safe, healthy work environment. I hope that you’ll have the opportunity to address some of the challenges we’ve seen at the FDIC as well.

Thank you.
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more at the link

 

They saw Marc Andressen trash the CFPB on Rogan and believed everything he said.

 

I posted in my work chat about NIH funding cut..

first response from a boomer: WELL CHRONICLE IS A BIASED PAPER.

boomers gonna boomer.

 

If a bank (or any other org) breaks the law we have a system for that AFAIK.

 

Another shiity thread by a retarrded Biden/Harris voter.

 

You giving me morans vibes with your spelling..

 

The system is generally paid by the same groups it's tasked to regulate or watch.

It's part of the reason why white collar crimes are relatively light in proportion to the damage caused. That and these agencies are purposefully designed that way...

Fed agencies like the SEC, FTC, FDA, FAA, USDA, EPA are generally understaffed and highly scrutinized by both sides (minority opposition) that they don't go for convictions in violations but rather high profile settlements.

Lina Kahn attempted to buck that trend with the FTC, only to get corporations on her and the admin's case with a score of op/eds criticizing her failures.

...But since we're in the Age of Trump II, I guess we should be cheerleading Moar Inovation and Moar Freedomz of Choice.