I'm genuinely ignorant on this topic and am trying to figure out what is so controversial about the CFPB. From what I can see, the criticism comes from finance lobbyists, but there's probably more to the story. On its face, the name of the bureau would be something seemingly good.

So, why is it a bad thing, especially from a consumer's standpoint?

For one they are the lead on operation choke point where they illegally pressured banks to stop doing business with firearm dealers, pawnshops, pay day lenders, porn, strip clubs etc.

I was personally de-banked because I am a firearms dealer. Chase dropped me like a bad habit in 2014 due to the CFPB.

CFPB?

It is extremely intrusive government. It is independent of the control of other agencies. A self-perpetuating blob that can violate businesses' rights.

https://en.m.wikipedia.org/wiki/Consumer_Financial_Protection_Bureau

It's an enemy of the people used to penalize consumers on a political basis, by design. It's had an inflationary impact on costs to consumers and has worked to inflict costs on the enemies of the left, while passing on cash flow to leftist causes.

Oh, and they didn't want it to be accountable to either congress or the president/executive. It's a horrible organization by design as Elizabeth Warren intended.

Otherwise, it's great, I guess.

FTACo88-FDT24dad said:

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CFPB?

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Consumer Finance Protection Bureau

It dictates my business having password protected screen savers that pop up in a specified time. It requires my employees to keep documents in locked drawers, even in areas locked from customers. It dictates things like having documents visible on desks through windows. There's so much more. Again, extremely intrusive government.

I can't give any info on the CFPB, but I have a rule on government organizations with a very favorable name. That rule is more likely than not that org is the opposite of what their name suggests.

I do remember Pocahontas Warren being a big voice for CFPB a few years ago, so they have the stain of original sun in my eyes

1) Accountability - It's not really accountable to Congress or the POTUS. Check out their governance page: https://www.consumerfinance.gov/about-us/the-bureau/bureau-structure/ "The page is being updated and will be back up soon."

2) Government Overreach - CFPB helps the government, in effect, outlaw things that the government does not have the authority to outlaw. They do this through getting the banks to "debank" industries that the government in power does not like without any laws against those industries being passed through congress, because those laws would be unconstitutional. It is unconstitutional overreach by the federal government.

These two reasons are reasons enough to nuke the entire organization from orbit.

I really thought this was about the College Football Playoff B……?

CFPB is a terrible organization. It duplicates what other parts of the government should be regulating. They want no accountability. They make up rules and regulations that can cripple legal businesses that the democrats don't like, often times retroactively because they decide something isn't consumer friendly.

Completely unaccountable department - funded by the Fed.

With the current momentum, actual voted on laws need to be passed to eliminate these types of agencies. It can be cleaned up now but get another leftist loon in the Whitehouse and it all comes back.

Everything that agency did duplicated similar powers in other federal and state government agencies.

It was Elizabeth Warren's personal attack dog to go after any financial services firm that did not bend the knee.

They are specialists at selective persecution/ prosecution.

Because it wants to operate outside the executive purview.

If the first response to the OP isn't a good enough answer for you to understand then there likely isn't hope for you. Denying people access to resources or not allowing them to is their resources a something every totalitarian regime has done throughout history.

FTACo88-FDT24dad said:

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CFPB?

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Vollege football playoff B

Elizabeth Warren structured it to be accountable to no one. No congressional oversight (i.e. no senate confirmed leadership, no congressional appropriations funding mechanism) and essentially no executive oversight because the bureau has a permanent standing revenue stream. Its like the Fed, but worse. DOGE can't cut it, but they should try, which would force the issue to SCOTUS. CFPB is unconstitutional on it's face.

I dealt with the CFPB once when my student loan servicer was manipulating payments by reallocating them in a way that prolonged the life of loans to maximize the interest paid, even when I attempted to allocate payments to single specific loans.

CFPB defended the loan servicer by saying they could reallocate payments as they saw fit, even though there was no such language in the MPN.

BusterAg said:

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1) Accountability - It's not really accountable to Congress or the POTUS. Check out their governance page: https://www.consumerfinance.gov/about-us/the-bureau/bureau-structure/ "The page is being updated and will be back up soon."

2) Government Overreach - CFPB helps the government, in effect, outlaw things that the government does not have the authority to outlaw. They do this through getting the banks to "debank" industries that the government in power does not like without any laws against those industries being passed through congress, because those laws would be unconstitutional. It is unconstitutional overreach by the federal government.

These two reasons are reasons enough to nuke the entire organization from orbit.

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Sounds like a tidy fascistic construct.

Ryan the Temp said:

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I dealt with the CFPB once when my student loan servicer was manipulating payments by reallocating them in a way that prolonged the life of loans to maximize the interest paid, even when I attempted to allocate payments to single specific loans.

CFPB defended the loan servicer by saying they could reallocate payments as they saw fit, even though there was no such language in the MPN.

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don't vote for democrats

Ellis Wyatt said:

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It dictates my business having password protected screen savers that pop up in a specified time. It requires my employees to keep documents in locked drawers, even in areas locked from customers. It dictates things like having documents visible on desks through windows. There's so much more. Again, extremely intrusive government.

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I can't tell if this is satire. This is part of the good, along with handling consumer complaints. Trust me, you don't want CFPB complaints if you're a financial institution.

Others have pointed out the bad and are exactly right.

CFPB RIP 🪦

— Elon Musk (@elonmusk) February 7, 2025

Yesterday said:

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For one they are the lead on operation choke point where they illegally pressured banks to stop doing business with firearm dealers, pawnshops, pay day lenders, porn, strip clubs etc.

I was personally de-banked because I am a firearms dealer. Chase dropped me like a bad habit in 2014 due to the CFPB.

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They cost me my career.

agsalaska said:

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Yesterday said:

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For one they are the lead on operation choke point where they illegally pressured banks to stop doing business with firearm dealers, pawnshops, pay day lenders, porn, strip clubs etc.

I was personally de-banked because I am a firearms dealer. Chase dropped me like a bad habit in 2014 due to the CFPB.

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They cost me my career.

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Porn?

Haha.

Pawn. 16 years. My company was one of their first targets and eventually we were forced to sell.

College Football Playoff Bound?

Farmer_J said:

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Ellis Wyatt said:

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It dictates my business having password protected screen savers that pop up in a specified time. It requires my employees to keep documents in locked drawers, even in areas locked from customers. It dictates things like having documents visible on desks through windows. There's so much more. Again, extremely intrusive government.

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I can't tell if this is satire. This is part of the good, along with handling consumer complaints. Trust me, you don't want CFPB complaints if you're a financial institution.

Others have pointed out the bad and are exactly right.

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WTF should the government be telling you this?

Farmer_J said:

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Ellis Wyatt said:

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It dictates my business having password protected screen savers that pop up in a specified time. It requires my employees to keep documents in locked drawers, even in areas locked from customers. It dictates things like having documents visible on desks through windows. There's so much more. Again, extremely intrusive government.

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I can't tell if this is satire. This is part of the good, along with handling consumer complaints. Trust me, you don't want CFPB complaints if you're a financial institution.

Others have pointed out the bad and are exactly right.

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No. That is not satire. Those are CFPB requirements to ensure "customer privacy". It's to protect private information from those people who work in an office who do not have proper clearance such as cleaning staff. While the intent makes sense it is overly nit-picky and cumbersome.

It's for those reasons that my company has moved from a requirements base approach to a principles base one instead when writing corporate policies and instructions. Technology is constantly changing and instructions that may have made sense years ago are just major constraints and obstacles today.

Update: DOGE embedded in CFPB. RIP.

Delete CFPB. There are too many duplicative regulatory agencies.

— Elon Musk (@elonmusk) November 27, 2024

Quote:

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Chopra, a protg of Sen. Elizabeth Warren (D-MA), had previously backed efforts to force banks to grant loans to illegal immigrants, saying in 2023 that the government "will not allow companies to use immigration status as an excuse for illegal discrimination."

The CFPB as a whole has long been criticized by Republicans as a "government power grab that does little to protect consumers and hampers economic growth," Breitbart News' Bradley Jaye stated, as reports of Chopra's imminent firing emerged in January.

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The X-men are going to have fun with that little cesspool this week.

From @TheLastRefuge2 :

"If you thought the USAID revelations were alarming sunlight, just wait until you see the apoplectic fits of rage about to come out from the Democrats, the DNC affiliated community activist groups, and the professional leftists who all rely upon the…

— Robert Randanon (@Randanon5) February 8, 2025

Vivek’s called out the corruption of the CFPB for quite some time now. Good to see DOGE and the Trump admin stepping in.

“The right answer is not to give the CFPB
more power…

The right answer is to get in there and SHUT IT DOWN.”@VivekGRamaswamy @elonmusk https://t.co/zOLtcZY951 pic.twitter.com/2kE6kB5i32

— News Nomad 🗞 (@The_Nomad_News) February 8, 2025

Pocahontas is gonna be on the warpath this weekend I bet.

A couple steps in the right direction, to be sure:

News: In Saturday night email obtained by RealClearPolitics, acting CFPB Director Russ Vought directs Consumer Financial Protection Bureau staff to issue no new rules, suspend effective dates of all final rules, and cease any new investigations: pic.twitter.com/TIeSjr0mMq

— Philip Melanchthon Wegmann (@PhilipWegmann) February 9, 2025

Pursuant to the Consumer Financial Protection Act, I have notified the Federal Reserve that CFPB will not be taking its next draw of unappropriated funding because it is not "reasonably necessary" to carry out its duties. The Bureau's current balance of $711.6 million is in fact…

— Russ Vought (@russvought) February 9, 2025

We heart consumers, happy hold the line day, gay pride. Pretty funny 'resistance.'

🚨 #BREAKING: CFPB goes into SCORCHED EARTH mode after Musk calls for them to be canned

The federal unions have now mobilized to CFPB’s DC offices with propaganda to COERCE employees not to take Trump and DOGE’s 8-month deferred resignation deal

These unions are trying to… pic.twitter.com/hi7J6ehCgU

— Nick Sortor (@nicksortor) February 9, 2025

Good discussion of CFPB: parent tweet was really Elon saying 'RIP CFPB.'

This CFPB is now resting in peace? I bet @SenWarren is NOT happy about that. No more debanking for her friends. pic.twitter.com/QR6KR2wHXS

— Anthony White (@Czarcraft_) February 8, 2025