the way US bureacrats envision regulation is wrong imo.
They only increase cost of doing business and add overhead on the consumer (one more document to sign that nobody reads, when closing a loan).
I really dont understand what these 1700 people accomplish productive every day to justify the agency's existence.
If they are doing something manual, this ought to be automated.
If they are manually enforcing something - this ought to be encoded in laws and should not require post-hoc enforcement.
"Supporters highlight its work to penalize large companies, including banks, for allegedly mistreating clients — with the bureau claiming in 2023 that it had restored $17.5 billion to Americans over the previous 12 years “in the form of monetary compensation, principal reductions, canceled debts, and other consumer relief.”
Last year, the CFPB finalized a rule capping credit card late payment fees at $8 — down from an average of $32 — which it estimated would save consumers $14 billion per year."
Considering the US citizens their shareholders, I would like to see how many private organisations of that size have such an impact in just 12 years.
Assuming that $14 billion figure is accurate (and it may not be!), it looks to me like this group of 1700 people costing the taxpayer about $200k each saved the taxpayer about $8.2 million per year for each employee, or an ROI of 4000%.
They only increase cost of doing business and add overhead on the consumer (one more document to sign that nobody reads, when closing a loan).
I really dont understand what these 1700 people accomplish productive every day to justify the agency's existence.
If they are doing something manual, this ought to be automated. If they are manually enforcing something - this ought to be encoded in laws and should not require post-hoc enforcement.