If the CFPB is dismantled won’t that wipe out entire departments for banks? A lot of roles are strictly because of CFPB and consumer protection
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Wells Fargo may still have to respond to the complaints lest a Democratic administration comes back after them. I know Trump wants to illegally destroy the CFPB files - but I don’t think they can do that
CFPB was the only way I could get Wells Fargo to sign a US Treasury form I needed even when I kept showing them the regulation that says they HAVE TO sign it for their customers. I went to branches, executive complaints, branch support, call center (that was a joke), and several direct emails to executives in charge at WF. 68 hours after sending in a CFPB complaint I was in a branch with the manager signing the form, same manager I started with who said they didn't do that. It was a US Treasury form to have WF confirm the bank account I wanted to transact bond business through was really mine. Yes, govt is backward on this but WF just picked which laws to follow. Customers are sc--wed now.
CFPB, if they go away will just bring more state laws into play. Will be just as bad. Oh, and the OCC will gladly pick up the slack. If you’re in compliance you, arguably, your job will get harder. Just less red tape BS that the CFPB brings.
Federal reductions in force, or RIFs, do not have to go through congress. If you want to essentially end a federal agency, congress can zero out the budget when they do the next appropriations bill or if they do one big beautiful bill.
Get rid of it. We already have the OCC on our as--s.
Congress is up orangutans butt so no way will that make a difference
Executive orders can't override acts of Congress. Keep dunking on yourself, though @OP
Time to rip off the customers :)
Yes and banks will be more profitable and business will be easier to do for the bank and consumer. Win win for literally everyone on earth sans Lizard.
Yes. Less regulation means we need less checkers checking checkers checking checkers, which is what front-line self-assurance activities are doing as well as ITV (2nd-line audit).
CFPB didn’t even help me one bit with a Chase credit card dispute.