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PaperclipPerfector  3d ago (text post)   2130 thread views

Small-Scale Question Sunday for February 9, 2025

Do you have a dumb question that you're kind of embarrassed to ask in the main thread? Is there something you're just not sure about?

This is your opportunity to ask questions. No question too simple or too silly.

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CFPB is a weird thing. It's basically a power of it's own, which is supposed to be independent from all the executive and controlling a lot of aspects in US financial system. I'm not sure how it is supposed to work in the republican (not Republican) form of government in the US. I mean, if there's an agency that can order banks around, and the President and the Congress have absolutely no control over it, how the President and the Congress can execute their policies that the People elected them to do?

Moreover, aren't there other bank regulators already? I mean there's OCC, the Fed, FTC, FDIC, FinCEN, SEC, CFTC, HUD, Treasury, and that's just on federal level, each state probably has their own stuff. Couldn't all those guys do their job without creating yet another agency?

That independence got a severe neutering when the 5 year term of the director (without Presidential oversight was declared unconstitutional).

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