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Before this is flagged, I would like to hear an argument for why continuing operation of this bureau would be harmful.
by basementcat 2y ago
Before this is flagged, I would like to hear an argument for why continuing operation of this bureau would be harmful.
- Dalewyn 2y ago[flagged]
- quantified 2y ago"We did just fine" is debatable, but you made the argument. "Lehman Shock" is an interesting minimization of the total systematic fraud in real estate financialization.
- slt2021 2y agoCFPB would not have prevented the real estate bubble of 2007
- quantified 2y agoPerhaps not. That said, it's not clear how the timing of its creation is useful to the debate over whether or not it should exist.
- Dalewyn 2y agoLet me put it this way then: CFPB has been around for about 14 years out of the country's entire history of about 249 years. We will be fine without them.
- quantified 2y agoSo the younger the effort, the less relevant/useful they are? That's an argument, but not compelling. Pretty much every startup is pointless according to that logic.
- slt2021 2y agoCFPB has no track record of materially improving people's lives Just ask yourself: How other countries manage to survive without the CFPB, and live just fine ?????
- dqv 2y agoThey do. https://www.reddit.com/r/LifeProTips/comments/18y2hxa/lpt_if_bank_customer_service_is_giving_you_the/ https://www.reddit.com/r/LifeProTips/comments/18y2hxa/lpt_if...
- slt2021 2y agothat specific part, file a complaint and get escalated to company's management: 1. could be automated completely, removing the need for human cost in the process 2. should be created for all other industries as well, not only finance consumers
- dqv 2y ago> 1. could be automated completely, removing the need for human cost in the process Automation fails. A lot. There will always be a need for humans to address at least some of these cases. > 2. should be created for all other industries as well, not only finance consumers Adding to the list of things the government doesn't do (removal of the CFPB without an alternative) doesn't achieve this. The FTC still directs consumers to the CFPB. Might want to call Russ and let him know.
- slt2021 2y agothere is no reason to maintain expensive staff to manually review customer complaints in the age of AI and LLMs. Just fire 90% of these thousands of lawyers with 500k salaries and replace remaining 10% with engineers who will create a system on autopilot. There is really no valid argument against materially improving government efficiency
- yongjik 2y agoDOGE has been around for two weeks.
- slt2021 2y agoand seems to have saved a lot of money for US taxpayers, judging by the headlines
- ulfw 2y ago[flagged]
- stevenAthompson 2y agoCivics 101 teaches us that Congress in charge of the purse, not the executive branch. Given than any authority DOGE has was granted solely by the executive, any "cost-cutting" he has done is likely the beginning of a long, expensive, legal battle that DOGE will inevitably lose. Even if you agree with the goals, the methods are not just bad... they're illegal, ineffective, and likely to be very expensive in the long run. They should have just done it properly.
- slt2021 2y ago>>Congress in charge of the purse Congress authorizes appropriations for new expenses (so that executive branch could not authorize their own expenses at taxpayer cost), but not cost cutting within executive branch
- stevenAthompson 2y agoThat's patently ridiculous to anyone who has read the constitution lately. It was even a ridiculous idea to Republicans a few months ago when they argued that forgiving student loan debt was outside of the presidents power, despite that money having already been approved by Congress and spent. They can not in good faith now argue that the executive gets final and unlimited authority over spending. Article I, Section 9 grants Congress the power of the purse to approve spending and article II Section 3 says that the president must "take care that the laws be faithfully executed". That's all of the authority over the budget the president has: the ability to faithfully execute the spending Congress approved or to veto the bill when it's passed. Further, the matter has been to the supreme court TWICE already. First during Nixon's reign in the 70's (Nixon lost), then later under Clinton during the line-item veto mess. Clinton also lost, rightfully. The worst part of all of this is that I know these things and I'm NOT someone who swore to uphold the constitution.
- cosmotic 2y agoRegarding your third point, each of those things comes with tradeoffs, they aren't just simply better. If a smaller government could get all the same work done with less money and bureaucracy, I'd agree.
- pentel-0_5 2y ago[flagged]
- Dalewyn 2y ago[flagged]
- pentel-0_5 2y ago[flagged]
- Dalewyn 2y ago[flagged]
- nine_zeros 2y ago>Before this is flagged, I would like to hear an argument for why continuing operation of this bureau would be harmful The will of the people is an impediment to businessmen wanting to scam people.
- slt2021 2y ago[flagged]
- tayo42 2y agohttps://www.consumerfinance.gov/ask-cfpb/what-laws-does-the-cfpb-enforce-en-2121/ https://www.consumerfinance.gov/ask-cfpb/what-laws-does-the-... These all look like important things to enforce?
- slt2021 2y ago[flagged]
- tayo42 2y agoIt seems like a motivation for creating it was to centralize enforcement > Backers of the idea argued that because several federal agencies were regulating the consumer banking system, there were gaps in oversight that left consumers vulnerable or confused. The new agency would consolidate those regulatory responsibilities in one place. I assume they have something equivalent. I also know consumer banking at least works differently in Africa and Europe then it does in the US. IIRC bank accounts are protected and accessed differently Your other posts on this thread seem emotional, angry and aggressive, so I'm just not going to bother engaging anymore
- slt2021 2y agothe way US bureacrats envision regulation is wrong imo. They only increase cost of doing business and add overhead on the consumer (one more document to sign that nobody reads, when closing a loan). I really dont understand what these 1700 people accomplish productive every day to justify the agency's existence. If they are doing something manual, this ought to be automated. If they are manually enforcing something - this ought to be encoded in laws and should not require post-hoc enforcement.
- giardini 2y ago[flagged]
- slt2021 2y ago[flagged]
- ulfw 2y agoThe brainwashing of you Americans is a sight to behold for any sane person living outside. " 1. Waste (all budget is basically salaries for overpaid bureacrats)" Bureaucrats are all just overpaid waste in your anarchist world view?
- slt2021 2y ago250k average pay is unheard of in the federal government, plus it is unconstitutional to have CFPB outside the congressional appropriations process. Its basically illegal from the Constitutional point of view. Plus the agency really has not delivered enough to justify its existence and its spend
- ulfw 2y agoOh yes "legality" has been at the forefront of what this new government does. Are you their spokesperson btw? You seem to believe it all.
- slt2021 2y agoif what they are doing is illegal, it seems like a slam dunk for their opposition to sue them and win a huge fat settlement $$$. why is this not happening?
- dialup_sounds 2y agohttps://www.forbes.com/sites/alisondurkee/2025/02/11/here-are-all-the-major-lawsuits-against-trump-and-musk-labor-unions-sue-to-block-doge-from-accessing-private-data/ https://www.forbes.com/sites/alisondurkee/2025/02/11/here-ar...
- Brian_K_White 2y ago
- slt2021 2y ago[flagged]
- 7e 2y ago[flagged]
- scarab92 2y agoIt’s definitely not worse than reddit. Reddit has become a hysterical left-wing echo chamber. You cannot visit any default sub reddit without being bombarded with hyper-partisan conspiracy theories about politics and economic issues.
- tmaly 2y agoThat is a hasty generalization. There are plenty of sub-reddits that are free of politics. I get more down voting on HN for being honest and not conforming to some group think than I ever do on reddit.
- AnimalMuppet 2y agoThe "censorship regime" is the users. Why is it flagged? I would guess that it's because it's far more politics than tech, and many of us are getting really tired of political discussions.
- soupfordummies 2y agoIt's not even close to "far more" Go look at new and do the percentage yourself.
- AnimalMuppet 2y agoThis article is far more about politics than tech.
- 2y ago
- basementcat 2y agoWould the CFPB perceived as a regulatory threat to Twitter's proposed payment wallet? Would the FDIC be next on the chopping block?
- tmaly 2y agoI think Trump is just playing the bad cop here. Both sides of the political spectrum see the writing on the wall regarding the projected growth of the interest on the debt. They will both play their parts. The good cop side will act outraged, but they will ultimately go along with it.