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How much money did the CFPB actually give back to wronged consumers?
by ArchieScrivener 7mo ago
How much money did the CFPB actually give back to wronged consumers?
- m4ck_ 7mo agoPre-trump's attempts to eliminate the department, almost $20 billion. https://www.consumerfinance.gov/enforcement/enforcement-by-the-numbers/ https://www.consumerfinance.gov/enforcement/enforcement-by-t...
- gibspaulding 7mo agoAnd one would hope that the purpose of the CFPB would be to dissuade lenders from wronging consumers in the first place, meaning the net benefit to consumers was likely much higher.
- ArchieScrivener 7mo agoThanks for the numbers!
- coffeefirst 7mo agoTheir mere presence was effective. I know people who had trouble with banks refusing to fix their own screwups and demanding evidence that couldn’t exist. They changed their tune the second there was an open case on the matter.
- throwway120385 7mo agoAlso of note is they were responsible for medical debt cases, which are particularly difficult for people to resolve because of the shared responsibility between the patient and the insurer, which allows the insurer to deflect responsibility until the bill ends up in collections.