Tons of information has been released about the 2008 Housing Crisis, and the policies, programs, illegal behavior, repealed laws, and in general the reason’s why it happened. The list is long, and it seems everybody had a hand in the Consumer’s pocket. Face it, the Consumer is the one that truly paid the ultimate price. The consumer’s lost homes, jobs, pension value, savings, to name just a few, and it was the consumer taxpayer that bailed out the banks.
So is not prudent that we have an agency dedicated to the Protection of the Consumer? The CFPB is not under any oversight of Congress, The Federal Reserve, the FTC, or even the President of the United States. While to some that might be scary, a Federal Agency that is not accountable to anyone? This may fly in the face of the idea our Founding Fathers had of “checks and balances”, and generally I would be against any agency that was “all powerful”. I believe the CFPB is different in many respects, and was established because the regular checks and balances used to keep the Federal Government from over-reaching, or trampling on our liberties, or committing all out fraud have failed.
I say this because the 2008 crisis was manufactured by “quasi-government” agencies, enhanced by government sponsored programs, and after all, the repeal of Glass-Steagall by the Congress only aided the explosion of the derivatives market, risky bank trading, and the fraud that eventually imploded with the crisis. Since this crisis, the taxpayer bailout (TARP), the foreclosures have continued. Not just foreclosure, but illegal foreclosure. When debt collector servicers like Nationstar, Ocwen, and Seterus, (to name a few) are able to steal Consumers personal property using defective assignments, fabricated documentation, tricks, and intimidation, all with the permission of Congress, and the Courts; somebody needs to work for the Consumer. Well, that is the CFPB’s only mission. To make sure the consumer is properly protected, that the financial markets are fair, to eliminate discrimination, in essence to educate and stand up for the consumer.
Congress can no longer do this. Most of our elected representatives have been bought and paid for by lobbyist. They no longer work for us, the people, the consumer, they work for themselves, are beholden to party affiliations and mandates, and lastly compromised by big lobby money. For example the banks spent nearly 65 million on campaign contributions alone in 2015. I am sure that money purchased a lot of votes to repeal Dodd-Frank, and/or eliminate Title X, the portion that created the CFPB. Banks and debt collectors both hate and fear that the CFPB is putting an end to the consumer predation fueled by their greed, corruption, and fraud. Taking advantage of the consumer as been a extremely profitable and relatively easy until the creation of the CFPB.
Most of the regulations in Dodd-Frank were already there. The CFPB is using a Federal Law enacted in 1977. Only now, without the oversight of a bought and paid for congress, violators are now being held accountable. The CFPB has put a crimp in the money flow, the free for on the consumer is rapidly coming to an end, and the greedy bankers, debt collectors, courts, and congress don’t like it when the tables are turned and it’s their bank accounts being garnished. Want proof? Here it is by the numbers…..
As of July 2015,
10.1 Billion: Approximate amount of relief to consumers from Enforcement, 2.6 billion in restitution to consumers, and 7.5 billion in principal reductions, cancelled debt, and other consumer relief.
17 Million: Consumers who will receive relief because of CFPB enforcement activity.
286 Million: Money ordered to be paid in civil penalties as a result of CFPB enforcement activity.
248 Million: Monetary relief provided to consumers as a result of CFPB supervisory actions.
1.8 Million: Consumers who have received relief because of CFPB supervisory actions.
When you reach this deep into greedy pockets, you are sure to piss off more than a few people, and politicians. The funny thing, they did this by enforcing 28 pages of a law nobody cared about. A law nobody took true notice of. A simple law, written for the consumer to understand, because everything is debt collection.
The best part of the CFPB? Simply; they are not just standing up for the consumer, but showing the consumer that they too can enforce THEIR PROTECTIONS, by themselves, without a court. It is a “private right of action”, meaning I, the consumer, determines when you have violated my protections, my law…..
The CFPB is completely autonomous from Congress, and any oversight, because the consumer is. We have forgotten our place at the top of the mountain, the consumer is the economy, and the government. We tell “government” what to do, not vice versa. I know it feels as though we are at the mercy of government, but the CFPB is showing us, they are at the mercy of the Consumer, the people. It’s time we start accepting this responsibility, take it seriously, and stop depending on an agency out side of ourselves. They have shown the way, we just need to walk the path, and enforce our law from the privacy of our court, our homes.
T.
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