Posted on 04/01/2017 9:57:36 AM PDT by ColdOne
Republicans on the House Financial Services Committee hope to markup legislation to reform Dodd-Frank in April. Democrats will have a month to agree upon a strategy to defend the CFPB and to decide to what to degree they wish to work with Republicans to keep the CFPB alive.
Democrats believe they can strike a deal with Republicans to transform the CFPB into a bipartisan commission from a single directorship. Congressman Brad Sherman (D-CA) explained that the alternative would give President Trump sole control over the CFPB when current director Richard Cordray’s term expires next year.
(Excerpt) Read more at breitbart.com ...
abolish
Yes
Just get rid of it right along with Dodd Frank!
Christ the Republican Legislature is worthless!
Get rid of it today or yesterday. That is the only debate needed.
The Republic survived for 230+ years without this piece of bureaucracy. It’ll be just fine for the next 230.
Do nothing with the worthless Democrats. They are evil and care nothing about others, only themselves.
ABOLISH IT!
I have had to read and apply some of their new regs
their new regs are mostly repeats, reiterations, copies of existing regs from other agencies
(so are NOT needed)
or are messed-up rephrasings of same (and so the new regs do harm)
or else they conflict in some ways with existing regs of other agencies (in which case they do more harm)
or else nobody on planet earth can undestand them
or else nobody can even read thru them...hundreds of papges of bs
ps: it is a grossly unconstitutional agency anyway, answerable to NOBODY by design
get RID of it. and then get rid of a few more useless and harmful, duplicative or overlaping agencies....do you know that the feds alone have a dozen agencies supposedly regulating lenders, banks?
Agreed.
Although I’m all for dismantling as many federal agencies as possible, I have one question if the CFPB is discontinued. Who exercises oversight when situations occur like what happened with Wells Fargo? In order to get bonuses tied to how many accounts they opened, WF employees opened millions of fraudulent accounts in the names of existing customers, without the customers’ knowledge and consent. The employees took funds from real customer accounts to open the fraudulent ones. Accounts included checking, savings, credit cards and investment accounts. The news about the fraudulent accounts broke last year, and the fallout from it has not fully played itself out.
>
Although I’m all for dismantling as many federal agencies as possible, I have one question if the CFPB is discontinued. Who exercises oversight when situations occur like what happened with Wells Fargo? In order to get bonuses tied to how many accounts they opened, WF employees opened millions of fraudulent accounts in the names of existing customers, without the customers’ knowledge and consent. The employees took funds from real customer accounts to open the fraudulent ones. Accounts included checking, savings, credit cards and investment accounts. The news about the fraudulent accounts broke last year, and the fallout from it has not fully played itself out.
>
Do you propose there’s anything to the CURRENT setup? Did anyone get into any trouble w/ the 2008 fall-out? What ‘over-sight’ does Congress *DO* (See CIA and their own NSA’ish ‘toys’)??
IIRC, only Iceland did anything remotely positive...jailed the MFs. We seem to re-elect the same.
In the W.F. case, does it not fall under fraud/RICO/etc.? Have the customers\etc. no recourse in the Courts? The settlement hurts them enough, they go under\jail...what other over-sight is needed?
The CFPB is tyranny. When the GOP negotiates with rats to make it bi-partisan tyranny . . . free government is lost.
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