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CFPB could get shut down

Contributor

CFPB could get shut down

20 REPLIES
Established Contributor

Re: CFPB could get shut down

Great article. Thanks for sharing. We need the CFPB. If it had not been for them, TU would not have removed my fed tax lien from my CR. CFPB is really a blessing in disguise, especially for the little consumers.



EX 759, TU 764, EQ 743
|| NFCU CashRewards $16.5K || Discover IT $7.5K || NFCU Platinum $7.5K || Macy's $7.5K || CitiCostco $5.5K || Chase $5K || CitiDC $4.8K ||
Valued Member

Re: CFPB could get shut down

There is only two reasons why they are talking about shutting down the CFPB

 

1. It's an Obama era agency run by a Democrat and

2. They have total autonomy

 

both things the current White House hate to see. 

Super Contributor

Re: CFPB could get shut down


Hale74 wrote:

Not surprising but hope this doesn't happen.

 

https://www.nytimes.com/2017/08/31/business/consumer-financial-protection-bureau.html

 

 


It would be so sad if he were to do that.

FICO8 EQ 721 TU 747 EX 732 Total revolving credit 454000
Regular Contributor

Re: CFPB could get shut down

This is completely IMO, but the financial co's got too used to having (largely) run of place and now that there is someone else at the plate with similar batting weight, they are crying foul. (Not that I don't understand the benefit that big banks, investment co's, CRA's etc do provide.) The article is right that the public has a neutral-to-positive regard of CFPB (either hasn't heard of it, or loves it because it's for the little person). I think CFPB is a good counterbalance, obviously. I hope they stick around and aren't neutered. Cordray is more appreciated by this lone "little guy" in his current position than he'd be as gov of OH. However, I understand he has to do what he feels led to do. We'll see where it all goes.

Ch7 discharged 10/2017. Pre-file FICOs high 400s.
11/2017 EX 609; EQ 619; TU 558
Established Contributor

Re: CFPB could get shut down

All government power needs to be in check. Most of the articles I've read are about accusations against the CFPB in regards to overreach, and are not looking for a total shut down.


TU FICO 8: 743 (10/17) — Ex FICO 8: 732 (11/17)
Super Contributor

Re: CFPB could get shut down


GrasshopperStudent wrote:

All government power needs to be in check. Most of the articles I've read are about accusations against the CFPB in regards to overreach, and are not looking for a total shut down.


As does corporate power. Which is precisely what CFPB is all about.

FICO8 EQ 721 TU 747 EX 732 Total revolving credit 454000
Moderator

Re: CFPB could get shut down

Getting close to political commentary which is a no no.  Lets try to discuss the article without it. Thank you for your understanding and cooperation

Super Contributor

Re: CFPB could get shut down


Irish80 wrote:

Getting close to political commentary which is a no no.  Lets try to discuss the article without it. Thank you for your understanding and cooperation


This thread shows the difficulty of avoiding "political commentary".

 

Economic and regulatory policies implemented by government are inherently political.

 

Why doesn't MyFICO just set up a topic "Credit politics" and relegate all 'political' discussions to that topic, instead of barring it altogether?

 

The CFPB is an important credit-related topic, but it is an inherently political one.

 

There is simply no way to discuss it without discussing the politics of it.

 

 

FICO8 EQ 721 TU 747 EX 732 Total revolving credit 454000
Moderator

Re: CFPB could get shut down


SouthJamaica wrote:

Irish80 wrote:

Getting close to political commentary which is a no no.  Lets try to discuss the article without it. Thank you for your understanding and cooperation


This thread shows the difficulty of avoiding "political commentary".

 

Economic and regulatory policies implemented by government are inherently political.

 

Why doesn't MyFICO just set up a topic "Credit politics" and relegate all 'political' discussions to that topic, instead of barring it altogether?

 

The CFPB is an important credit-related topic, but it is an inherently political one.

 

There is simply no way to discuss it without discussing the politics of it.

 

 


I agree that certain credit topics can be difficult to discuss without involving politics.  I'm not MrFICO but when the forum was created 10 years ago it was decided that certain subjects like politics, sex, religion, nationality and race would be taboo.  Political discussion, as I'm sure you are well aware, can be very heated and often leads to less than friendly arguments back and forth and if there were a separate froum it probably would require  a lot of extra work for Moderators.  I think the main focus of the FICO forums can be achieved without involving politics so I highly doubt that this type of forum would ever be created.