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Financial institutions free to rip off consumers again

Greenbeard

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Good times to be an unscrupulous financial institution, bad times to be a consumer. Even ripping off service members is no longer considered egregious enough to warrant a wrist-slap.

Trump Fast-Tracks Deregulatory Push at Consumer-Protection Bureau

Trump’s really intent lately on becoming Bush III.
 
The CPB was nothing more than a slush fund for liberal agenda items. It was set up with zero oversight by Pocahontas and her ilk.

Just like the USAID, it deserves to be shit canned.
 
Mycroft said:
The CPB was nothing more than a slush fund for liberal agenda items. It was set up with zero oversight by Pocahontas and her ilk.
Click to expand...

A credit union refunding $80 million directly to service members for ripping them off isn’t a “slush fund,” that statement doesn’t even make sense.
 
And it is a guarantee that they will.
 
Greenbeard said:
A credit union refunding $80 million directly to service members for ripping them off isn’t a “slush fund,” that statement doesn’t even make sense.
Click to expand...
I believe the issue was originally over funds being in the account at the time of purchase, when the card was run and when the actual deduction was made on the account days later, the funds were no longer available. That could result from numerous purchases occuring back to back to back. There were a host of issues with accounts and the acounting process.
 
Greenbeard said:
A credit union refunding $80 million directly to service members for ripping them off isn’t a “slush fund,” that statement doesn’t even make sense.
Click to expand...
Mycroft has always been bad at ad libbing. And when something new shores up here before the crisis response narrative is provided to him he just says things he thinks will fulfill his purpose.
 
When a credit card company agrees, without an argument, to refund money you can bet they've cheated more than they are refunding. And when there are a "host of issues with accounts and the accounting process" it's also a safe bet that all of the "issues" benefited the cc company.
 

He's way worse than Bush.

The remarkable thing is nobody cares.

I totally don't get it.

This thread has produced very little comment.

Why are people so willing to allow big money to rip them off?

It doesn't have to be this way.

Fellow Americans, we have to stand up for our rights. If we just take this free country for granted we are going to lose our freedom. It is worth protecting.

Financial institutions should not be allowed to rip us off. The government is the only entity with enough power to stand up to them. Individuals can't do it. We must protect, defend and strengthen the CFPB.

Nothing says Trump is a greedy asshole serving the super-rich more than dismantling the CFPB.
 
It is astounding that we the people allow the dismantling of consumer protections. Now I'm remembering, again, why I voted for Ralph Nader instead of Democrats and Republicans.
 
Greenbeard said:
Good times to be an unscrupulous financial institution, bad times to be a consumer. Even ripping off service members is no longer considered egregious enough to warrant a wrist-slap.
Click to expand...
After doing some digging, the CFPB went after the Navy Federal Credit Union because they charged a fee for overdrafts. The profession of the people over-drafting their accounts is irrelevant. You can’t steal from a bank for nothing.
 
Peacenik said:
Why are people so willing to allow big money to rip them off?
Click to expand...
1) They've been trained to distrust all institutions, including the ones that were set up to protect ordinary people.

2) They aren't paying attention. Sometimes that's a choice to live in the Right Wing Echo Chamber, sometimes it's because they aren't interested in politics, sometimes it's because they do not have time....
 
Peacenik said:
Why are people so willing to allow big money to rip them off?
Click to expand...
You aren’t being ripped off when a bank allows you to steal money from them by overdrafting your account provided you pay the fee instead of pressing criminal charges. Which is what this is about.
 
By design.
 
Napoleon said:
You aren’t being ripped off when a bank allows you to steal money from them by overdrafting your account provided you pay the fee instead of pressing criminal charges. Which is what this is about.
Click to expand...

"Today the Consumer Financial Protection Bureau (CFPB) took action against Navy Federal Credit Union for making false threats about debt collection to its members, which include active-duty military, retired servicemembers, and their families. The credit union also unfairly restricted customers’ account access when the consumers had a delinquent loan. Navy Federal Credit Union will correct its debt collection practices, give approximately $23 million in redress to victims, and pay a $5.5 million civil money penalty."

CFPB
 
And I maintain that the CFPB was out of its mind in this case. The Credit Union was the only party being ripped off.
 
Mycroft said:
The CPB was nothing more than a slush fund for liberal agenda items. It was set up with zero oversight by Pocahontas and her ilk.

Just like the USAID, it deserves to be shit canned.
Click to expand...
And your evidence is...Conservative Treehouse?
 
It is a double down on supply side economics, the assumption that Trump's wealthy business donors will lead the nation to economic success if they can get around the protections for consumers.

Not shocking, actually predictable behavior from the anti-consumer Trump Administration.

Project 2025 even mentioned this.
 
Napoleon said:
You aren’t being ripped off when a bank allows you to steal money from them by overdrafting your account provided you pay the fee instead of pressing criminal charges. Which is what this is about.
Click to expand...

The Credit Union was not following the law in applying the overdraft fees. The CFPB under Biden caught them at it and ordered them to return the money to the customers who are typically service members. That is right. Our government should prioritize the rights of service members. The new director of the CFPB, installed by Trump reversed the order and gave no reason for doing so, thus allowing the NFCU to violate the law and rip off service members.

Some thanks for serving America.

This discourages military service.

Everything Trump does is bad for America.
 
That is baloney. The service members stole from the bank by overdrafting their accounts and bitched to the CFPB because they were charged a fee for it. Show me the law that requires banks to give service members money that doesn’t belong to them.
 
Volunteer said:
It is astounding that we the people allow the dismantling of consumer protections. Now I'm remembering, again, why I voted for Ralph Nader instead of Democrats and Republicans.
Click to expand...
So did I but I later regretted it when W "won." (Really it was handed to him by the SCOTUS which stopped the counting of votes.) Florida illegally purged many legal voters from the rolls, most of the Dem voters.
 
Napoleon said:
That is baloney. The service members stole from the bank by overdrafting their accounts and bitched to the CFPB because they were charged a fee for it.
Click to expand...
The amounts and situations which can be charged for an overdraft are controlled by law. NFCU violated the law.

If it was as you say, it would have been given as a reason for reversing the CFPB order. But no. It was political. Trump looks out for the rich, screws the poor.
 
The CFPB returned over $21 billion back to ripped off American consumers. Not too shabby.
 
If it was as you say then the credit union would have been prosecuted instead of extorted by the CFPB. There is no law that requires financial institutions to give service members money that doesn’t belong to them.
 
Napoleon said:
And I maintain that the CFPB was out of its mind in this case. The Credit Union was the only party being ripped off.
Click to expand...

Everyone is entitled to their own opinion even if it supports the greedy rich.
 
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