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by killerteddybear 492 days ago
Good example is the CFPB. If they destroy it return all the money to taxpayers as Elon is saying he is doing, it's about 2 dollars to each of us. In return, we have a largely unregulated banking system that can do things like charge structuring for credit cards and checking account to maximize fees or overdrafts in a frankly fraudulent manner. It will cost us billions of dollars as a society to not have those protections anymore. Not to mention things like forced subscriptions that are impossible to cancel that the CFPB has been working against.

I'm pretty sure I would pay 2 dollars to not have to deal with any of those consequences.
3 comments
netsharc 492 days ago
Oh man, a 2008-type event with these doofuses in charge will be amazing...

For a recap: https://youtu.be/ovcno7tiZas

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Eddy_Viscosity2 492 days ago
>I'm pretty sure I would pay 2 dollars to not have to deal with any of those consequences.

Those 'costs' to society are 'profits' to the banks. You don't get to have a choice about it. Elon is in charge and he's going with the banks.

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slowmovintarget 492 days ago
Most banking regulations today do not come from the CFPB.
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lordnacho 492 days ago
That's beside the point. Chances are you are saved more than the cost.
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slowmovintarget 492 days ago
It directly addresses the notion posed by the commenter I was replying to with regard to the origin of banking regulations.

We have, in no particular order:

- The FDIC

- The SEC

- The Federal Reserve Board

- The Office of the Comptroller of the Currency

Those agencies regulate banking. Then we can go further and we have:

- The National Credit Union Organization

- The Financial Industry Regulatory Authority (FINRA)

- The Financial Insurance Office (part of Treasury)

- The Office of Foreign Assets Control

- The Securities Investor Protection Corp.

- The Commodity Futures Trading Commission

- EBISA, ERISA, PBGC for retirement plans...

And we need an additional agency because...?

We don't need the CFPB.

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Volundr 492 days ago
Quick question... Which one of those do I contact when my credit card company is trying to hold me responsible for fraudulent charges on my credit card?

Until someone can answer me that question with a link to a form I can fill out with an agency that has a track record of actually fixing these problems, you've made no progress on convincing me we don't need the CFPB.

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lordnacho 492 days ago
What makes you think consolidating the same services under fewer names makes it better? Isn't the system simpler with clearly marked out territories?

It's not obvious to me that some other agency will pick up the same responsibilities. If it happens without a budget change elsewhere then obviously DOGE would be right in cutting this particular agency.

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