[throaway-1931]

From the article:

"Supporters highlight its work to penalize large companies, including banks, for allegedly mistreating clients — with the bureau claiming in 2023 that it had restored $17.5 billion to Americans over the previous 12 years “in the form of monetary compensation, principal reductions, canceled debts, and other consumer relief.”

Last year, the CFPB finalized a rule capping credit card late payment fees at $8 — down from an average of $32 — which it estimated would save consumers $14 billion per year."

Considering the US citizens their shareholders, I would like to see how many private organisations of that size have such an impact in just 12 years.

[senordevnyc]

Assuming that $14 billion figure is accurate (and it may not be!), it looks to me like this group of 1700 people costing the taxpayer about $200k each saved the taxpayer about $8.2 million per year for each employee, or an ROI of 4000%.

But yeah, it's a waste, let's shut it down.

[slt2021]

CFPB's budget[1] was $500 mln 12 years ago and now is $900 mln, lets take average $700 mln over 12 year = $8.4 bln just cash outlay

I highly doubt $14 bln is accurate, but even if it is, its only 70% over their carrying cost.

as a hiring manager in private sector, in order to justify headcount, the benefit must exceed 3x the carrying cost of an employee.

to hire $100k person, I must prove $300k benefit to the company at very least, and 5x benefit is more appreciated by management.

doesnt look like a good return at all honestly

  1. https://crsreports.congress.gov/product/pdf/R/R48295/2

[senordevnyc]

That was a single example of their value.