On February 1st Rohit Chopra was fired from his role as CFPB head. President Trump then installed Russell Vought as acting director. Russell Vought has now ordered staff to stay away from the office and do no work with an e-mail stating “Employees should not come into the office,” & “Please do not perform any work tasks.”
The Trump administration provided the following statement describing the CFPB “woke, weaponized arm of the bureaucracy that leverages its power against certain industries and individuals disfavored by so-called elites”.
CFPB Alternatives
Now that the CFPB has been ordered to shutter, many readers have asked what can be done to hold financial institutions to account when things go awry. The best solution I can think of currently is to contact your state’s attorney general if having issues, but please provide other alternatives in the comments below.
Final Thoughts
While this will likely save financial institutions many hundreds of millions of dollars in the short term, over the medium to long term it will be interesting to see what happens to consumer confidence.
Comments for this post will start open, I suspect I will have to close them quickly as people will just fight in the comments. Please keep discussion to the closing of the CFPB and how it affects our hobby.
Comments have now been closed as I don’t think anything productive is being discussed any longer.
We need to convince this administratiom that Chex systems has gone woke.
It is disappointing to hear that CFPB is closing down. I benefited greatly using CFPB. All the lenders took CFPB very seriously. Most of my complaints resolved within 2 weeks.
Ohh dang. Just submitted complaint today afternoon for wellsfargo platinum saving’s bonus. Let’s see how it goes.
Trump’s administration defunds the police. Where are the outraged talking heads in right wing media?
More illegal actions by this administration that will surely help bring down the cost of eggs.
I have used the CFPB with some success. There remain some protections for consumers other the CFPB. What I have found more effective is contacting the state organization that oversees the bank’s charter. It is my impression that banks take their state agencies far more seriously than CFPB.
You can also write a “presidential complaint” to the bank president, and be sure to copy the head of every bank department that has anything to do with your account (i.e. small business, head of technology, etc.). This has worked for me on several occasions.
I was actually hoping that it wouldn’t be posted here. I can see this site getting on someone’s radar and then saying that gamers are abusing the poor banks’ bonuses and the CFPB is bullying them into paying…By the way, they are still taking complaints as of today.
For those of you referring to CUs, NCUA handles those and I’m sure that they’ll be targeted, too.
I thought for sure the bank stocks would pop today, but they didn’t, at least not when I checked. Sure the banks will love that they’re not going to be held accountable anymore.
I’ve turned the empathy part of my 🧠 off for when it comes to the “find out” stage of this Trump era and his supporters are getting decimated by corporations. They deserve what they get.
If the bank is a state chartered bank, contact your state bank department or commissioner which is their primary regulator. Federal banks are regulated by the comptroller of the currency. Secondary bank regulator could be the local Federal Reserve Bank or FDIC. Credit unions are regulated by NCUA. Complaints to any of these will get prompt attention if you contact the proper regulator as these complaints could become areas of examination if repeated complaints about the same issues.
And if it’s a state-chartered credit union, it’ll go to a state-level regulator. CFPB was helpful routing things where they needed to go without having to track it all down. 🙁
Most of the people who think this is a good idea are the ones who will end up getting shafted by the loss of this agency.
Can’t wait to see a bunch of leopards eating peoples faces