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Super Contributor
Posts: 6,305
Registered: ‎02-24-2015
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Re: CFPB could get shut down


Irish80 wrote:

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 diffiuclt 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 wold 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. 


Thanks Smiley Happy


FICO8 EQ 736 TU 743 EX 733 FICO5 EQ 707 Total revolving 422500
Contributor
Posts: 182
Registered: ‎05-26-2017

Re: CFPB could get shut down


CreditInspired wrote:

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.


Same here! They are the only reason TU complied and removed my federal tax lien.

06/2017 FICOs: TU: 542 EX: 538 EQ: 528
07/2017 FICOs: TU: 564 EX: 564 EQ: 559
08/2017 FICOs: TU: 598 EX: 597 EQ: 584
09/2017 FICOs: TU: 602 EX: 616 EQ: ???
New Contributor
Posts: 68
Registered: ‎08-20-2017
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Re: CFPB could get shut down

I'm new and I'll take correction when needed. Thanks folks.

2015 EX794. Filed Ch7 in Jun 2017. EX494, EQ486, TU483.
Most recent 8/25/17. EX557, EQ570, TU501
Burned in bk: PSECU, BoA, Chase, Synchrony (CareCredit).
Discharge in Oct 2017 - begin rebuilding then. Currently in planning mode.
Established Contributor
Posts: 738
Registered: ‎02-13-2012

Re: CFPB could get shut down

I have a lot to read today already, but thanks for sharing OP. I've had success with the CFPB in the past, but it's proving ineffective in getting EQ, of all CRA, to remove my tax lien. I'll read the article later, but I wonder if they aren't already neutered. 



CCT FICO 8 (Dec 2015):TU: 717 EX: 685 EQ: 717
Goal: 750+ for all by July 2016.
Gardening since 9/8/2015.
New Contributor
Posts: 54
Registered: ‎12-02-2014

Re: CFPB could get shut down


LadyJEsq wrote:

I have a lot to read today already, but thanks for sharing OP. I've had success with the CFPB in the past, but it's proving ineffective in getting EQ, of all CRA, to remove my tax lien. I'll read the article later, but I wonder if they aren't already neutered. 


I'm beginning to wonder the same thing.  After all the news articles about the great things that were going to happen on July 1st it seems like most of us have had to resort to filing complaints with the CFPB.  This after the 3 CRA already agreed to remove information that didn't meet the guidelines.  Now they are fighting everyone (myself included) on removal.   

Moderator
Posts: 14,987
Registered: ‎10-07-2014

Re: CFPB could get shut down

Once again a post had to be removed for bringing politics into the discussion and this was after a previous warning in the thread.  To anyone reading this thread, I'd suggest you review MyFICO's Forums Terms of Service which specifically prohibits:

 

Discussions including race, nationality, sex, religion, politics;

 

Please follow these guidelines so that further action isn't needed. Thank you for your understanding and cooperation.

 

Irish80
MyFICO Moderator

Valued Contributor
Posts: 2,619
Registered: ‎10-31-2011

Re: CFPB could get shut down

[ Edited ]

Just a few comments, first I support the concept of the CFPB, second the total lack of accountability to Congress or any other department in the government - such as the Department of Justice or Treasury - is not acceptable period.

 

While the "work" of the CFPB in specific cases is something one can agree or disagree on depending on one's point of view or experience in that specific case, the fact that there is no oversight or accountability meaning the agency can be weaponized now or in the future toward any industry (research operation choke-point by the Dept. of Justice). Note too that fines and monetary civil penalties collected by the CFCB are NOT turned over to the Treasury, and only a small percentage of those monies are returned to consumers.

 

It's not an us vs them issue (political sides) nor is it pro-consumer vs pro-business issue that is causing pushback on the CFPB, it's the lack of accountability of Congressional oversight (as every other agency).

 

Note too that the current director of the CFPB is strongly rumored to be going to run for the office of Ohio Governor in 2018 which means that the current administration will appoint the new CFPB director and without reform that "new" director will have the power to run the agency as he/she sees fit with the current NO accountability to Congress or the Treasury - if that fact (current POTUS appoints the new director) changes your opinion of the current CFPB structure then you are looking at the "political side" rather than the reform needed.   

Valued Contributor
Posts: 2,016
Registered: ‎01-23-2013
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Re: CFPB could get shut down

Good post, pipeguy.

 

There are other aspects of the CFPB that are problematic, too. MyFICOans see the help the bureau gives, but that is only the public face. The bureau either already has or potentially has the ability to become a kind of NSA of consumer data. Is anyone naive enough to imagine that the federal government set up an agency solely to be helpful to little people? Even if the CFPB was established with the best of intentions, it is a federal bureaucracy and is designed to go the way of all bureaucracies, to grow, to serve itself, and to dictate without accountability.

Super Contributor
Posts: 6,305
Registered: ‎02-24-2015
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Re: CFPB could get shut down


pipeguy wrote:

Just a few comments, first I support the concept of the CFPB, second the total lack of accountability to Congress or any other department in the government - such as the Department of Justice or Treasury - is not acceptable period.

 

While the "work" of the CFPB in specific cases is something one can agree or disagree on depending on one's point of view or experience in that specific case, the fact that there is no oversight or accountability meaning the agency can be weaponized now or in the future toward any industry (research operation choke-point by the Dept. of Justice). Note too that fines and monetary civil penalties collected by the CFCB are NOT turned over to the Treasury, and only a small percentage of those monies are returned to consumers.

 

It's not a us vs them issue (political sides) nor is it pro-consumer vs pro-business issue that is causing pushback on the CFPB, it's the lack of accountability of Congressional oversight (as every other agency).

 

Note too that the current director of the CFPB is strongly rumored to be going to run for the office of Ohio Governor in 2018 which means that the current administration will appoint the new CFPB director and without reform that "new" director will have the power to run the agency as he/she sees fit with the current NO accountability to Congress or the Treasury - if that fact (current POTUS appoints the new director) changes your opinion of the current CFPB structure then you are looking at the "political side" rather than the reform needed.   


The CFPB is every bit as accountable as every other independent federal agency, such as the SEC, the FTC, the FCC, etc.

 

The "accountability" argument is just a red herring advanced by those trying to shut the CFPB down on behalf of banks.

 

There's a reason why Congress gives certain agencies a measure of independence.

 

The financial lobby is very strong in Congress, particularly with one of the two major political parties (I can't say which; I don't want to be suspended for violating MyFICO's rule against discussing politics Smiley Happy).


FICO8 EQ 736 TU 743 EX 733 FICO5 EQ 707 Total revolving 422500
Moderator
Posts: 14,987
Registered: ‎10-07-2014
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Re: CFPB could get shut down

Yet you're doing exactly that, discussing politics.

 

Thread has outlived its usefulness. Locked

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