6 ms·

Question 4: Where does the money from the fines go? Her main regulatory creation was a whole new agency that is completely unaccountable to the people it was s

Question 4: Where does the money from the fines go? Her main regulatory creation was a whole new agency that is completely unaccountable to the people it was supposed to serve. She's the last politician I trust with these sorts of things.

yostrovs 9y ago
Similar to Al Gore, if passed, she will claim credit for inventing Internet security.
- acdha 9y ago
  You mean similar as in “she also won’t make any such claim”, right? https://www.snopes.com/quotes/internet.asp https://www.snopes.com/quotes/internet.asp
lgbr 9y ago
> Her main regulatory creation was a whole new agency that is completely unaccountable to the people it was supposed to serve Honest question: Is that her fault? She was just chosen to run it, but she wasn't responsible for the legislation that created it and its lack of accountability, or is that wrong?
- fortythirteen 9y ago
  It was her bill to create a consumer protection agency under the Federal Reserve, with lifetime appointees in charge of levying fines agains businesses. Word on the street is the reason Warren and other Democrats were fighting tooth and nail (with absolutely no legal standing) to keep Trump from appointing the new head of that agency, was because they've been redistributing the fines collected to left wing political action groups.
  - deleted 9y ago
    [deleted]
  - SauciestGNU 9y ago
    This is an extraordinary claim that requires substantiation. Without any source, that claim sounds like the sort of lie James O'Keefe would perpetuate.
    - nhebb 9y ago
      It's not an extraordinary claim. It's in the news again today: http://www.latimes.com/business/la-fi-cfpb-acting-director-20180110-story.html http://www.latimes.com/business/la-fi-cfpb-acting-director-2...
      - SauciestGNU 9y ago
        The claim I take exception to is not the fight for the leadership of the bureau, but rather the assertion that funds from fines levied by the bureau are being funneled to left-wing PACs, which is absurd on the face of it and completely unsupported by the article you linked.
  - acdha 9y ago
    Please don’t spread conspiracy theories here. Anyone who wants Breitbart propaganda knows where to find it.
lr4444lr 9y ago
50% to the new Office of Cybertechnology, 50% to the victims of the breach.[0] I don't think Ms. Warren really understands most of the issues in finance she's often cited as a champion for, and dislike much about the CFPB, but this new effort to put dedicated personnel around setting minimum security standards and imposing civil penalties isn't too bad, as long as it doesn't indemnify the bad actors for victims seeking individual damages. [0]https://www.scribd.com/document/368838846/Data-Breach-Prevention-and-Compensation-Act-of-2018-Final https://www.scribd.com/document/368838846/Data-Breach-Preven...
- fortythirteen 9y ago
  > the new Office of Cybertechnology Wow, so Consumer Finance Protection Bureau 2.0. Unbelievable.
  - lr4444lr 9y ago
    That's a bit more cynical than I think the situation merits. Is it really so bad to have at least a defined lower bound and enforcement mechanism for prosecuting negligence in information security? Also, it will be under the FTC, not a newly defined agency.
    - fortythirteen 9y ago
      Why must Democrats' answer to every problem be to create a wholly new bureaucratic body, that will create its own regulations separate of the legislative branch, and most likely get so bloated that it'll stifle innovation within a few years?
      - SauciestGNU 9y ago
        Because when said innovation takes the form of defrauding or otherwise harming the population (reminder that people are involuntarily tracked by credit agencies and all manner of other actors), that "innovation" ought to be stifled. Of course I would prefer legislative action so that the regulatory environment doesn't change at the whim of the executive, but when basic harm prevention seems to be a partisan issue, I see little chance of legislative action being successful.
g051051 9y ago
> It would also let the agency fine them in the event of a data breach, to the tune of $100 per affected consumer as a minimum. Half of that money would be redistributed to the consumers caught up in the data breach.

yostrovs 9y ago

Similar to Al Gore, if passed, she will claim credit for inventing Internet security.

acdha 9y ago
You mean similar as in “she also won’t make any such claim”, right? https://www.snopes.com/quotes/internet.asp https://www.snopes.com/quotes/internet.asp

lgbr 9y ago

> Her main regulatory creation was a whole new agency that is completely unaccountable to the people it was supposed to serve Honest question: Is that her fault? She was just chosen to run it, but she wasn't responsible for the legislation that created it and its lack of accountability, or is that wrong?

fortythirteen 9y ago
It was her bill to create a consumer protection agency under the Federal Reserve, with lifetime appointees in charge of levying fines agains businesses. Word on the street is the reason Warren and other Democrats were fighting tooth and nail (with absolutely no legal standing) to keep Trump from appointing the new head of that agency, was because they've been redistributing the fines collected to left wing political action groups.
- deleted 9y ago
  [deleted]
- SauciestGNU 9y ago
  This is an extraordinary claim that requires substantiation. Without any source, that claim sounds like the sort of lie James O'Keefe would perpetuate.
  - nhebb 9y ago
    It's not an extraordinary claim. It's in the news again today: http://www.latimes.com/business/la-fi-cfpb-acting-director-20180110-story.html http://www.latimes.com/business/la-fi-cfpb-acting-director-2...
    - SauciestGNU 9y ago
      The claim I take exception to is not the fight for the leadership of the bureau, but rather the assertion that funds from fines levied by the bureau are being funneled to left-wing PACs, which is absurd on the face of it and completely unsupported by the article you linked.
- acdha 9y ago
  Please don’t spread conspiracy theories here. Anyone who wants Breitbart propaganda knows where to find it.

lr4444lr 9y ago

50% to the new Office of Cybertechnology, 50% to the victims of the breach.[0] I don't think Ms. Warren really understands most of the issues in finance she's often cited as a champion for, and dislike much about the CFPB, but this new effort to put dedicated personnel around setting minimum security standards and imposing civil penalties isn't too bad, as long as it doesn't indemnify the bad actors for victims seeking individual damages. [0]https://www.scribd.com/document/368838846/Data-Breach-Prevention-and-Compensation-Act-of-2018-Final https://www.scribd.com/document/368838846/Data-Breach-Preven...

fortythirteen 9y ago
> the new Office of Cybertechnology Wow, so Consumer Finance Protection Bureau 2.0. Unbelievable.
- lr4444lr 9y ago
  That's a bit more cynical than I think the situation merits. Is it really so bad to have at least a defined lower bound and enforcement mechanism for prosecuting negligence in information security? Also, it will be under the FTC, not a newly defined agency.
  - fortythirteen 9y ago
    Why must Democrats' answer to every problem be to create a wholly new bureaucratic body, that will create its own regulations separate of the legislative branch, and most likely get so bloated that it'll stifle innovation within a few years?
    - SauciestGNU 9y ago
      Because when said innovation takes the form of defrauding or otherwise harming the population (reminder that people are involuntarily tracked by credit agencies and all manner of other actors), that "innovation" ought to be stifled. Of course I would prefer legislative action so that the regulatory environment doesn't change at the whim of the executive, but when basic harm prevention seems to be a partisan issue, I see little chance of legislative action being successful.

g051051 9y ago

> It would also let the agency fine them in the event of a data breach, to the tune of $100 per affected consumer as a minimum. Half of that money would be redistributed to the consumers caught up in the data breach.