Earlier this month, the Consumer Financial Protection Bureau asked for public comment on its enforcement processes, which includes the fines it levies against financial institutions for defrauding or abusing their customers. So far, pretty much everyone offering their comments seems to agree that’s a good thing. Even 66% of Republicans think the CFPB is a good thing! Yet it’s very likely that this request for comment is being used as a pretext to drastically scale back the CFPB’s enforcement actions.
Unsurprisingly, the public comments so far have been almost exclusively in favor of the CFPB continuing to levy fines against banks. Here are excerpts of some of the best comments so far:
Here’s my comment: just do what the dang bureau was formed to do.
Gut banks and destroy Equifax and make all the cowards like Mick Mulvaney regret their pathetic lives.
Reducing and eliminating the protections for our nation’s vulnerable poor to benefit our nation’s richest of rich will do nothing to strengthen our country. It benefits the few. Can you count yourself among those rich? Will you side with those rich?
The fines you have enforced so far don’t go far enough to punish the amoral vampires feeding on the American consumer. But now that you’re being led by one of those vampires I guess that’s all going to change.
I was a victim of the Wells Fargo scam where they opened unsanctioned accounts in my name, this type of law-breaking should not be acceptable, and the institutions should be punished accordingly.
After bailing out these banks, is it too much to ask them to behave appropriately and morally? And if they don’t behave, is it too much to ask them to be punished for doing so?
Clearly, he is a stooge in the pocket of predatory and negligent companies like Golden Valley, Equifax, Wells Fargo, and many others; and is looking forward to lining his own pockets with donations and favors from these companies. Banana Republic-style corruption at the highest level. I can only hope that the dedicated staff at CFPB is doing everything within their power to undermine this corrupt and self-serving “leader”, while continuing to look after the best interests of the American people.
We know what you’re trying to do, Mick. You’re trying to make the uphill climb of poor/middle class people ever getting justice against the robber barons screwing us over ever more impossible. You are an absolute disgrace whose only purpose in life is to ruin the less fortunate so you and your rich buddies can pull another fast one.
But by far the best comment so far comes from an anonymous contributor, a silent hero amongst us:
Mick Mulvaney retire bitch
Only two comments so far appear to be against levying fines against banks. Kerry Neff, who appears to be the president of Boonville Federal Savings Bank in Boonville, IN, submitted a comment describing the CFPB’s fees as extortion and warning that “absolute power breads [sic] absolute corruption.”
It does appears that the unlimited and uncontrolled CFPB ( or Director) can do anything he desires. “ Absolute power breads absolute corruption”. When banks pay the fines, ultimately they attempt to pass it on to stockholders and customers. Therefore these people are consumers too. So in the name of protecting the consumer, many other consumers are paying the fees (indirectly). The CFPB is not “protecting” the public in general.. Therefore this additional layer and the self-feeding CFPB is not needed at all.
Mm, breaded corruption.
You can submit your own thoughts to the agency here through April 13.