How This Government Agency Hurts Us All

I'm in financial services, CPT Jack Durish, and we're one of the most heavily regulated industries in the U.S., but I've never heard of these guys. If Elizabeth Warren has anything to do with it, it can't be a good thing.

I have heard of them but not sure what they do or attempt to do.

It's an alternative to the folks that brought us Too Big to Fail and cost US taxpayers $800 billion. I don't know how they are down in the weeds but after a quick look at Prager U, their conservative agenda is fairly clear. I see some lineage with Heritage Foundation, which isn't necessarily bad by default. Stands to reason that folks that profit from questionable financial practices would align themselves with media and interest groups that seek to remove any boundaries to their success, such as CFPB. I'm only for regulation if it makes sense and protects the little guy. Beyond that I think we have enough rules already, and the root problem is selectively enforcing them. When regulations overstep by removing incentive and any expectation of profit based on fair practices, they are no longer desirable IMO. I just don't know enough about CFPB to know if that is the case. I would like to see the counterpoint in support of CFPB, with actual stats vice generalizations before making any judgement. They did uncover the Wells Fargo scheme in Sep 2016 that entailed them creating accounts for members without authorization, which is the type of behavior we need to know about. I'm sure there are similar successes but there may be some horror stories as well. So for me, not enough information.

"California and federal regulators fined Wells Fargo a combined $185 million on Thursday, alleging the bank’s employees illegally opened millions of unauthorized accounts for their customers in order to meet aggressive sales goals. A staggering 5,300 employees at Wells Fargo were fired in connection with this behavior, according to the Los Angeles City Attorney’s office. The San Francisco-based bank will pay $100 million to the Consumer Financial Protection Bureau, a federal agency created five years ago; $35 million to the Office of the Comptroller of the Currency, and $50 million to the City and County of Los Angeles. It will also pay restitution to affected customers."

Firing 5300 people can't be so good, but if they are handling other people's money and will do this, they need to find a new line of work, assuming they are definitely guilty.