- Cardless Raises $30 Million to Continue Developing Co-Branded Credit Cards by PYMNTS.
- Old National to buy Bremer Financial in $1.4 bln Midwest push by Reuters.
- Elon Musk wants to ‘delete’ a federal agency designed to prevent another financial crisis and protect people from scams.
- CVG is getting two new airport lounge locations
Deals starting/expiring at the end of today or starting today (view the full deal calendar here):
- AmEx Offers: Walmart, Spend $50 & Get $10 Back
- JetBlue: 25% Off With Promo Code HELLO2025
- Lidl: Get $20 Shopping Coupon With $100 Select Giftcard Purchases (12/11-12/17)
Deals starting/expiring at end of tomorrow:
- Giant, Stop & Shop, Martin’s: 2x/3x Fuel Points on Vanilla Visa Gift Cards (12/6-12/12)
- Free Wine From Last Bottle Wines Via Referral (Starts 12/12)
Popular posts from yesterday:
Wall Street Journal reporting on December 12 that the new administration is seeking to “abolish the FDIC.” This likely would require Congress, so it is easier said than done. If it does happen, this is a major concern, especially relevant for this community, as such deregulation leaves our accounts unprotected from bank failures. Historically, this does not go well.
Article here: https://www.wsj.com/finance/regulation/trump-advisers-bank-regulations-fdic-efa761dc?st=7pAGGn&reflink=article_copyURL_share
Thanks for this article. “There are too many duplicative regulatory agencies,” Musk said. It was fairly obvious that was what he meant. But almost everyone here thought his tweet meant the website to forward complaints to banks would go POOF. The CFPB complaint website is useful and popular but why not take it and the handful of people needed to run it and stick them in the FTC?
The vast majority of the CFPB exists to regulate banks. But, as the article points out, we already have the FDIC, the OCC, and the Federal Reserve. “But they [banks] often complain about mixed messages and contradictory rulings.” Why do we need four agencies duplicating each other and issuing potentially conflicting regulations? “At the CFPB, consumer-education jobs could replace regulatory and supervisory jobs, another person said.”
The claim that abolishing the FDIC means depositor insurance would go away is not accurate. The article points out that functionality could and would be absorbed by one of the other agencies.
For anyone that hasn’t scrolled below, I have already pointed out, as the article stated, that only Congress can abolish the CFPB, the FDIC, or any other agency. So, regardless of your feelings, there is only a very limited amount that the executive branch can do here.
You guys are so cute…meanwhile in the real world, the govt is on the verge of a shutdown due to a tweetstorm from shadowPresident Musk. lmao
One fact that may not have even been mentioned is that nobody in the incoming administration can delete the CFPB. Congress created it and only Congress can dissolve it. Musk was txxxxing and William was negligent not mentioning that fact in his post. Now a significant number of people here feel that the CFPB will be gone and banks will stop paying out bonuses that they have promised. Neither point is even remotely accurate.
This post triggers the automatic filter – no idea why? Seems ok with some light editing. If my original three paragraph post is still in the moderation queue, obviously it can stay deleted.
What is “txxxxing” supposed to mean?
Sorry I used it as a euphemism for trolling. My initial post got flagged for moderation but as William explained, it was the T word and not the t word that did that. Though in neither case was it inappropriate or offensive.
It looks like I was correct based on this reply from
Tom. The T word really is a naughty word now, according to the moderation system!
Wow, that is hilarious.
the “T” word? Where I’m from that means meth.
Yea, and they said Roe was settled law, too, then ‘poof’
Is the Supreme Court going to weigh in on this? The executive branch can do nothing. There was a court case that the CFPB was unconstitutional due to its structure of not having full accountability to the executive or legislative branch. I’m not sure if that case was resolved. Anyone know?
Found the answer. In 2020, the Supreme Court said “The agency may therefore continue to operate, but its Director, in light of our decision, must be removable by the President at will.” So the CFPB only goes poof if Congress says so.
Doesn’t matter if it actually holds any truth or not (executive branch having the power to dissolve the cfpb). The purpose is to get the idea out there and get the locals to bite. FUD… This is the D part, make them doubt if this institution is legitimate or stable.
You might notice this happen with a few other important institutions soon. As papa putin wishes.
So you really think the “locals” will swamp their Congressional representatives with calls and letters to dissolve the CFPB? There’s maybe a few thousand people out of 300 million that have a strong opinion on whether the CFPB should exist. You guys do provide entertainment value!
No I don’t think anyone who believes it will do a damn thing with their representatives. I think it sets the narrative though that there is no support for this important institution. And that is the point of this action, not to destroy it right away but to erode support.
Will pollsters ever ask the question “Do you support the CFPB”? No because they know the vast majority of the participants couldn’t care less and there are many issues that they do care about. One comment from Musk won’t change that. So it’s up to 400+ Congressmen and they won’t ever bother getting rid of it.
I mean, it’s not like they haven’t tried before, but whatever…
Someone sponsored a bill? Once Congress creates a department, it is very unlikely to ever go away. Even low hanging fruit like the Department of Education is here to stay.
https://www.investopedia.com/terms/d/dodd-frank-financial-regulatory-reform-bill.asp#toc-the-effort-to-roll-back-the-dodd-frank-act
Congress eased parts of the Dodd Frank law but the CFPB was left in place. The article says “the CFPB focused on rescinding rules from the T**** era that were in direct conflict with the charter of the CFPB” without giving specifics. There’s no question the incoming administration will favor fewer regulations in all departments including the CFPB. 80% of the people posting here are upset by Musk’s comment that the CFPB will go away and then they can’t complain about their bank problems. As I said, I haven’t done it before but I suspect complaints are forwarded to the banks automatically possibly with a quick review from a low paid employee. So getting rid of that aspect won’t result in government efficiency and would make a few voters very unhappy. Plus it was left unchanged in his first term. 15% of the people here also like any and all bank regulations so that adds to their displeasure though specifics have not been mentioned and are probably beyond most people’s level of expertise anyway.
When Lil donny t starts going outside of his powers it won’t matter if it’s only within the powers of congress to dissolve x institution. It will be done as he wishes. This just gives him something to point at while it gets crammed through whatever is left of the “system”.
If folks like anecdotal data, I have gotten well over 100 lifetime bonuses across banks, credit cards, and brokerages and have never had a single problem getting paid. However, I am not on the “there are no incompetent people in these corporations” train. In fact, I had a brokerage experience not involving bonuses that was much worse than anything posted below. I resolved it by having a polite discussion with the right person – who was obviously not part of the customer service team. No lawyer or government involvement. Afterwards I did a full ACAT out. That’s all I will say about it so don’t ask for details.
Cool…also, here are a few hundred ‘anecdotes’ from people who had their money locked up with no recourse from a bank that played dumb until they filed CFPB complaints:
https://www.consumerfinance.gov/data-research/consumer-complaints/search/?company=CITIBANK%2C%20N.A.&company_response=Closed%20with%20monetary%20relief&date_received_max=2024-12-11&date_received_min=2011-11-30&issue=Closing%20an%20account%E2%80%A2Funds%20not%20received%20from%20closed%20account&issue=Closing%20an%20account%E2%80%A2Company%20closed%20your%20account&issue=Managing%20an%20account%E2%80%A2Problem%20accessing%20account&page=1&product=Checking%20or%20savings%20account&searchField=all&size=25&sort=created_date_desc&tab=List
As I said, there’s clearly some incompetence and perhaps some crosses into malfeasance as you are implying here since you apparently know about a longstanding Citi problem. If the CFPB is as great as people claim, why hasn’t Citi stopped its shenanigans after 7 years? Also, there’s clearly a role for a class action lawyer here. And why is this site still promoting bonuses from Citi and Laurel Road? Laurel Road has a habit of freezing accounts for a long time after getting the $30k deposit required for their savings bonus. Luckily, I found out about that from a few posts in that thread but mainly from doing research elsewhere. Sure, the CFPB is better than nothing for some customers of Citi but 7 years of this is not the win that you claim it is.
I’m not sure what it is that you think I’m claiming since I made none, but I think the hundreds if not thousands of people that finally got their money back after fighting for months or years would consider that a win.
If the CFPB is supposed to be a replacement for the criminal and civil justice system against banks, as most people claim, then it is a clear failure here. Seven years of this and no enforcement action against Citi other than forwarding complaints?
Sounds like you’re making a case for deletion, lol. Obviously Musk’s tweet was hyperbole, but what if say, his brother was appointed CFPB Director? I suspect many knees would get capped.
If William wants to have an occasional political discussion, and it seems that he does, then discussing the existence of the CFPB is on topic for this site. I am neutral on the CFPB and was barely aware of its existence. There are pluses and minuses some of which were raised below and some weren’t. I thought about having that discussion but most posts below are txxxxing or anecdotal data so, unfortunately, there’s no point.
There is some comment moderation and deletion going on as I mentioned below. One of my recent posts initially had an orange ! next to it and then disappeared. There is nothing offensive or off topic in there. I am guessing that there was an automatic keyword filter which may be a lowercase t word. I have the post saved so I’ll break the three paragraphs into three posts and will see if there’s any issues with any of them.
Orange ! just means it has gone into moderation and requires manual approval. Most of the political words now require moderation because a few idiots were just posting off topic stuff everywhere. We generally don’t delete stuff unless it’s necessary (e.g I think somebody was threatening to kill somebody in one of these comments and I deleted that)
Good to know. Looks like both my original and the new posts are now here. The means duplication so feel to delete the original or the new three above.
Probably delete the original since one of the new posts has replies.
I had my problem with Amex e-gift cards by the CFPB last year. Without this agency, I wonder if I would ever get my money back from Amex. I had contacted Amex and they just told me to try to use the gift cards at different places! After filing with the CFPB, Amex contacted me in 1 weeks and I got my money back in 2 weeks!
JD got one thing right below. If William wants to have an occasional political discussion, and it seems that he does, then discussing the existence of the CFPB is on topic for this site. I am neutral on the CFPB and was barely aware of its existence. There are pluses and minuses some of which were raised below and some weren’t. I thought about having that discussion but most posts below are trolling or anecdotal data so, unfortunately, there’s no point.
If folks like anecdotal data, I have gotten well over 100 lifetime bonuses across banks, credit cards, and brokerages and have never had a single problem getting paid. However, I am not on the “there are no incompetent people in these corporations” train. In fact, I had a brokerage experience not involving bonuses that was much worse than anything posted below. I resolved it by having a polite discussion with the right person – who was obviously not part of the customer service team. No lawyer or government involvement. Afterwards I did a full ACAT out. That’s all I will say about it so don’t ask for details.
One fact that may not have even been mentioned is that nobody in the Trump administration, including Musk / DOGE, can delete the CFPB. Congress created it and only Congress can dissolve it. Musk was trolling and William was negligent not mentioning that fact in his post. Now a significant number of people here feel that the CFPB will be gone and banks will stop paying out bonuses that they have promised. Neither point is even remotely accurate.
The CFPB is the only vehicle we have when the banks and credit cards screw us, then ignore us. I have opened cases and they HAVE to answer.
And renaming the military bases back to confederates was also promised and coming. Will be wild!
I love the CFPB. They have always come in clutch for me when ridiculous banks won’t pay out a bonus, close a bank account, send me mortgage payoff documents, etc. And quickly too! I think this is one branch of government that works great and protects consumers fantastically well when the useless customer service line doesn’t get you anywhere.
Totally agree! Whenever I file a complaint with the CFPB about a bonus not being paid, the offending bank gets it rectified quickly. How many complaints have you filed? I’m at 4 and starting to wonder if that’ll become an issue.
An issue how?
Makes you wonder why the incoming billionaire administration wants to get rid of it