I wonder if this could lead to the end of the CFPB
If you want to talk about this news, please keep it respectful and focus on this event. I know many people have strong feelings about the President, but this is not the right space to express those views.
@NomadNerd
This comment is empty, maybe the admin should add something here to help the conversation
This is really sad because CFPB actually helped people as consumers. With AI, it’s hard to speak to a real person anymore.
Part of 46’s legacy is addressing junk fees and more helpful stuff for consumers.
@Kirin
Credit cards are about to get much worse, and I’m not just talking about fees and interest. If you have issues with rewards, good luck. Disputing charges? Fraud protection? The CFPB took charge of that. We know credit card companies will do anything to take advantage. Things are going to be very frustrating without a watchdog.
@Emlyn
I think debit card fraud will get way worse.
Just remember, if debit card fraud happens, it’s your money lost. With credit card fraud, it’s the bank’s loss.
Kale said:
@Emlyn
I think debit card fraud will get way worse.
Just remember, if debit card fraud happens, it’s your money lost. With credit card fraud, it’s the bank’s loss.
That’s true, but if credit card companies start denying claims and there’s no way to fight back, then consumers are still in trouble.
@Vernon
Honestly, I think businesses might face even worse issues than consumers. Hackers and scammers will target small businesses like crazy, especially larger accounts.
@Emlyn
I’ve had more than 50 credit cards and received tens of thousands in sign-up bonuses. I’ve never had to contact the CFPB. You know this agency is only around 15 years, right?
This is not good for credit card power users. Fees and interest will increase, but if you’re paying interest on a balance, you’re using credit cards the wrong way.
You know this agency is only around 15 years
With all due respect, you’re aware of what happened 15 years ago that started the agency, right? Remember what happened without a regulatory watchdog? But I’m sure banks learned their lesson and no longer need oversight.
And the CFPB does more than just handle individual complaints. They work on a broader scale than just individuals. Just because you haven’t contacted them doesn’t mean they don’t help you.
This is good for credit card power users.
That’s a very odd perspective. Just because they might not directly affect you doesn’t mean they won’t impact many others.
@Bayley
Many of us know about the problems with interest that hurt consumers making poor decisions, but that also lets us earn big rewards (4%+ isn’t sustainable for non-AMEX to pay since Visa/MC charge merchants at most 2.5%, so that reward rate comes from others paying interest).
But the CFPB prevents banks from outright taking advantage of people. They make sure consumers know the potential APR a card charges and any fees involved. At least you can understand what you’re paying for if you carry a balance.
@Bayley
The CFPB acts as a regulatory watchdog. They step in when credit card companies make mistakes and try to ensure you don’t have to contact them. They work to keep credit card companies ethical so that their fraud protection doesn’t fail and points don’t go missing.
This is like saying I’ve never been in a car accident, why pay to have seat belts and airbags?
This is good for credit card power users.
This perspective is very shortsighted. If the CFPB goes away and you don’t receive a bonus you earned, you could call Chase, and they might say they don’t see a problem and hang up on you. Think back to this comment.
If you don’t receive a bonus and call Chase, they might hang up on you. Think back to this comment.
That will never happen. I haven’t been under 5/24 rules in a decade.
@Bayley
I drive home drunk every night. I’ve never had an accident. Been drinking for 13 years.
EDIT: Just to clarify, this is sarcastic and not at all real.
Have you ever had a credit card used fraudulently? Or banks that mishandle your credit? The one tool you had to dispute these issues may soon be gone.
Kipp said:
Have you ever had a credit card used fraudulently? Or banks that mishandle your credit? The one tool you had to dispute these issues may soon be gone.
I didn’t see any mention in the article that the CFPB itself will be dissolved. Only the director has been removed. Relax a bit
@Orion
The CFPB was functioning well and then this guy gets fired during a tumultuous week, and you believe nothing will change with the CFPB?
@Orion
But if the new director is someone from the banking industry…
@Orion
Knee-jerk reactions are everywhere since Trump took office. It’s both funny and sad.