Breaking down the Supreme Court's Consumer Financial Protection Bureau ruling
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- čas přidán 5. 06. 2024
- The Supreme Court rejected an effort Thursday to undermine the power of the Consumer Financial Protection Bureau. The agency was created after the 2008 financial crisis to protect consumers from unfair practices. CBS News legal contributor Jessica Levinson joins "The Daily Report" to unpack the case.
#news #scotus
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Its holding them accountable for ripping off Americans.
True. It's definitely holding the banking industry responsible to the American people, also known as taxpayers, who just happen to be the ones who paid to bail out the banks when they started going under financially in the early 2000's.
I want to see them go after these Student Loan companies.
-its astounding just how predatory the entire industry has become.
The CFB is about holding lenders accountable when they deceive, and it's not about "lending to Gen Z socialists who don't pay their bills." In 2013, my sister died and I applied to assume the mortgage to her house. You see, there's a pesky Federal law called the Garn St. Germain act....Mortgage companies have the right to refuse assumption of a mortgage UNLESS it's by a blood heir. I'm a blood heir. They refused my mortgage payments. They told me my executor status and power of attorney were meaningless. They tried to repossess my sister's home. This is deception. I filed a complaint with the CFB and within 48 hours I received a call from the mortgage company to start the process to assume my sister's mortgage.
Sorry you had to go through that but glad CFB helped.
GOOD FOR YOU SORRY 🙏 ABOUT YOUR SISTER
yeah sadly it's easier to get a new mortgage, of course now that rates have doubled since
Amazing knowledge thank you for sharing
Conservatives forever opposing anything that helps regular people
@@null_x9 Which is what I can't figure out. Because Trump actually DID help people!
Cope harder. You clamor for more big brother while walking the streets with signs that read "defund" - the police which IS the government. Without cops armed with guns, that whole system collapses since there would be no way to enforce any law up0on those who don't comply.
When it comes to lending, read the contract before you sign it so you don't sign something you don't understand. You know, like student loans maybe?
Not ALL conservatives. If you look closely, you'll find that most of these cases which take away rights or help for those who need it mostly come out of the deep south. Also some from the Bible belt Midwest as well. The conservatives in MY state believe in helping those who REALLY need it such as the disabled or the elderly. But we are against abuses of the system and are for reform.
in this case, 4 conserves and 3 libs voted to protect you and me.
@@retroguy9494 trvmp NEVER NEVER helped any one. please send him all your money now!
Thank you Elizabeth Warren 😘
I'm pleasantly surprised
It doesn't mean that Congress and/or the Supreme Court cannot ask and reasonably expect to receive a yearly financial statement from the Consumer Financial Protection Bureau agency, simply accounting for government/taxpayer's funds spent each year, instead of trying to actually control the "purse strings". It would allow the agency's funding requests to be separate from government's approval authority, while maintaining the CFPB agency's responsibility to direct spending of such funds carefully. That genuinely *IS* a part of the Federal government's responsibility. IMHO. This agency does work on the behalf of protecting American citizens, and therefore it's important that it remains independent of increasingly powerful federal government in the United States, who often put special interest groups with power and money ahead of the average American citizen.
Okay. So if they don't answer to us...and they don't answer to Congress...then who do they answer to??? 🤔 Who holds THEM accountable? Who determines what THEY can or cannot do?
@@trickyzenmom They do answer to Congress by providing a regular accounting bi-annually, I believe. While Congress cannot manipulate the purse strings, according to several reports on CZcams, they appear to have been operating with a very reasonable budget while achieving a lot for American consumers. Really, isn't it the American consumer they're actually working for and not the federal government? Our Congress has shown way too much favoritism toward wealthy donors and special interest groups for far too long, and the banking industry is one of them. It was disgusting what happened to average Americans after disregulation in this area by Congress. The American people had zero protection from it, until the CFPB was setup independently of Congress. So, the federal government has supervision over the agency, they just don't control the "purse strings" for each year or dictate the agency's direction. If they have issues with the way the taxpayer funds from the government are being spent, they may certainly inquire about it. However, the CFPB has a good tract record thus far, and it hasn't been a problem. Since this agency is doing a lot of good on behalf of American consumers in the U.S. on an excellent budget, perhaps it should be left alone to continue just being *monitored* by Congress and not restricted in anyway. Congress doesn't need to fix something that isn't broken.
@@gailhitson7340 And if they decline the request to provide that accounting? Or if congress doesn't "approve" of the accounting, then what? There is no recourse? Too bad, so sad! If they work for the American Consumer then they should answer to the American Consumer's representative. You're essentially saying, "Well, it hasn't caused a problem yet..." "Yet" is the operative word there. We shouldn't have an agency that is working with governmental authority whose funding is outside the oversight of the elected government. This is inherently problematic, the outcome so far is not relevant.
Wait until big health insurance companies get near their goal of purchasing, owning and then controlling most, if not all, aspects of our physicians practices and limit availability of care through things like preauthorization schemes, etc.. It won't be just the single payers who will get it. It will be our Medicare and group plans as well. It seems like even our politicians who all profess adamantly to work so hard for us have made the shift to self service and self enrichment. And you can actually do some homework and find them getting a lot more wealthy a whole lot faster. You have got to love insider trading and then controlling the only body that could possibly stop it. Noam Chomsky's "Requiem For The American Dream" comes to fruition.
This should not be connected to politics and parties!
Who pays for the federal reserve, you know who’s actually paying? The people, fools
Good News.
Stop looking for funding on everything and look for proof of justification of an agencies existence.
Banks: "Work at McDonalds and need to buy a mansion? NO PROBLEM. We'll get bailed out when it all crashes again." Good job SCOTUS.
They pay the Chinese first
What many people do not realize is that the events that led to the Great Recession did NOT start with Dubya Bush. It actually began in the '90's with Clinton. He was the one that abolished a lot of the regulations put in place by FDR during the Great Depression to ensure such a thing could never happen again. Clinton basically gutted the provisions under the Glass-Steagall Banking Act too. He said it would be good for the economy and would be better for us to compete on the world economic stage.
It took the greedy bankers and Wall Street people less than decade to make it happen again!
Which is why I'm not surprised that the liberal justices voted with the majority of conservatives.
my friend lost money to scammers. they got caught. she got a check in the mail from the cfpb recovering her loses. i love cfpb
True. That's the kind of thing that the Consumer Financial Protection Bureau protects the people from. The American people who had their homes stolen by false foreclosures and schemes, literally received a mere pittance of up to $500 for their lost home, no matter how much equity they had it. This agency, the Consumer Financial Protection Bureau, was the only serious concession the taxpayers got for the terrible events of that time period. So far, the agency has more than proved itself invaluable to the American consumer, and since they account to Congress every year about the money they spend, Congress needs to leave it alone so it can continue helping average Americans across the U.S. IMHO.
@@gailhitson7340 There WAS some document forgery on some of those foreclosures, yes. But let's face reality here. Many of those were due to ignorant consumers and their own greed. The simply bought houses that they could not afford and that's all there is too it. And the greedy bankers and mortgage companies were all too happy to do it KNOWING the people couldn't afford them.
Let me tell you a little story. During the housing boom 20 years ago, I wanted to build a new house. I knew exactly what I could afford. The banks would not give me a building loan. However, they would give me a mortgage to buy an existing home for more than DOUBLE the money I was asking to borrow on the building loan. I said to one of them 'those payments would be more than I net a month in salary. How would I make the payments on that much money?' She looked at me and literally said 'that's YOUR problem. Take it or leave it.' I told her she was nuts and I walked out. Sadly, many other people in this country took the deal. Then, when they couldn't meet the payments, the foreclosures started, the mortgage back securities failed and we ended up with the Great Recession!
this is Republicans interfering with our money wow
Conversatives not trusting the government, what a surprise
It’s not a matter of trust, it’s a matter of not being accountable!
The Consumer Financial Protection Bureau does give an accounting of money spent to Congress every single year. It's just that Congress holds no power over the agency's finances by which it can control how they help and protect American consumers from bank's predatory behavior. The CFPB does a lot of good for average Americans, and special interests groups who donate money to Congressional candidates don't like it. That is what this is all about, and there may well be a news campaign being funded by some who desperately want to change the freedom this agency has to act in the best interests of the people. If it isn't broke though, Congress doesn't need to "fix" it.
Anyone that does is foolish. 👍
@@lisajohnson6351 accountable for what?
It would be nice if something could protect us from the Federal Reserve too.
Sounds like the Trump team, America first is trying to do something about that too. In the video they talked about many appeals filed to the Supreme Court trying to get these things changed.
Nothing conservatives do is fascinating. 🤣🤣🤣🤣
Oh yeah, some happy news!!
Next step to return to our constitution - believe in the rights of every American. The Republic established is the law within the states.Federal government role is to protect the states, externally and internally, the Supreme Court interprets that laws as written and passed by the states.
CROOKS INC
The banking system certainly has been a predatory crook in the early 2000's here in the U.S., but that's exactly what the Consumer Financial Protection Bureau protects American the people against. Congress doesn't need to fix what isn't broken. This agency has done a lot of good on a very fair budget, all while giving a great accounting to Congress for taxpayer's money spent each year
@@gailhitson7340you keep saying that. Do you work for them? You come across like you're typing a press release....🤔
Okay. So if they don't answer to us...and they don't answer to Congress...then who do they answer to??? 🤔 Who holds THEM accountable? Who determines what THEY can or cannot do?
They’re still regulated by congress. Congress can still regulate what they can and can’t do. Congress just isn’t in charge of funding but they cha still regulate them.
The CFPB agency has done a tremendous amount of good for the American people, protecting them from predatory banking practices of the recent past. They give a regular accounting financially to Congress, but importantly it doesn't control the "purse strings" of the agency through budget approval. The banking industry is large and a very, very powerful special interest group in this country. Frankly, they don't like this agency protecting average people all across the nation. After the predatory practices in banking following deregulation in the early 2000's, something in government needs to remain working to protect the American people in order to counter balance the effects of money and power in banking on our Congressional candidates when they're running for office.....again.
@blakekaveny Not true. Funds means control. If Congress can't fund them then they have zero control over what they can or cannot do.
@@trickyzenmom Being that the Consumer Financial Protection Bureau is a government agency designed to independently protect tha American consumer, and given that Congress is deeply influenced by the powerful financial contributions to candidates, and given that the banking industry generally has a whole lot of money and power, then it's just possibly a self-defeating move to put total control of this particular agency's funding under the control of Congress. The banking industry became so greedy and profit driven immediately after deregulation, that they almost collapsed the United States economy in the early 2000's. Even Congress didn't stop them though they were aware of illegal and dubious business practices leading to the theft of numerous taxpayer American citizen's homes. The Obama administration having inherited the nightmare coming into office that year, bailed out the industry with tax dollars, but only offered these people $500 in compensation. Most who lost their homes in these banking schemes actually lost much more in equity. This concept of future consumer protection from further unbridled deregulated banks was the government's answer to the people. The agency will only function properly and genuinely protect "We the people" if Congress cannot fully control it and take away it's ability to prioritize helping the consumer. Congress has a serious issue with giving deference to certain special interest groups, such as the wealthy banking industry (which the taxpayers bailed out), likely due to their donations to Congressional candidates. That's the reason for not giving total financial control of the Consumer Financial Protection Bureau's budget to Congress. The agency is required to give regular financial/budget updates directly to Congress that accounts for all money received and spent by CFPB.
💯🙌
Part of bankruptcy court
The city county state and federal government are bankrupt etc.
Loans
i hated the interview. I hated their word choices. I thought that they were on the wrong at times.
🙏💙💙😇🌏🇱🇷💌👍
Where is Thomas 🤔
The young kiddos keep demanding and defending Socialism, Communism in this country. How is that authoritarianism working for you now.
All agency’s need to be under Congress!
That's moronic. Every branch needs checks and balances. To make a statement like that shows that you really don't understand how our government is supposed to work.
@@An0nymousMessages Yeah, that's right. That whole, of the people, for the people and by the people should be tossed and replaced with, "for the government, by the government and of the government." Wonder what could go wrong... Congress controls the money and you think it's a grand idea to let these agencies just do whatever they please with that cash. LOL
@@An0nymousMessages FRAUD
@@DgurlSunshine That's pretty generic, I hoping that you don't mean that my post about there being oversight outside of Congress as Fraud. It was ment that every government branch should have someone looking over their shoulder and calling them out.
So you are willing to pay into Social Security to get a retirement plan that is going to pay your retirement benefits based on whether Congress thinks you need the money this year and don’t need it next year. How is that For the People?
Blaming conservatives........sheezus.
They are squarely to blame
we only have 3 forms of government .....not 4 or 5 or 10......congress alone has control of the purse
But this isn’t the purse. The federal reserve collects fees from member banks and they use that money to fund CFPB. It’s the federal reserve’s money who’s to say what they can and can’t do with it.
@@blakekaveny It may well be helping to keep the banking system from doing itself in via predatory banking practices. The damage that was done to banking after deregulation in the early 2000's ultimetely tanked the entire system in the U.S., and government (the American taxpayers) had to jump in to bail them out in order to keep most banks from collapsing due to their own greed. At least the American taxpayers now have an agency in the Consumer Financial Protection Bureau that will protect, warn, educate, and monitor the banking institutions in this nation, with the goal of keeping a healthy economy going strong for all. They regularly give an accounting to Congress for money spent, so they're monitored regularly. It's just that Congress does not get to approve their budget or control them, which is a good thing, considering the power special interest donors (like wealthy banks) have on Congressional candidates over the longterm. IMHO.
I think that we should abolish lobbyists.
Congress should be beholden and loyal to the voters above all else...
We have 3 branches of government. Congress makes the laws and allocates the money. In this Congress created the Federal Reserve and allocated certain powers to it. It also created the CFPB and put it under the Federal Reserve. So, we still only have 3 branches of government.