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Comment by lenerdenator | Hacker News Reader

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I remember everyone celebrating a regulation from the Consumer Financial Protection Bureau back in November. As I said at the time, it was nice to have one of those.

We have quite a number of them, and they're all pretty good. Here's a sample of what the CFPB has created and/or enforces:

* Truth in Lending Act

* Fair Credit Reporting Act

* Fair Debt Collection Practices Act

* Equal Credit Opportunity Act

* Real Estate Settlement Procedures Act

* Home Mortgage Disclosure Act

* Consumer Financial Protection Act

The CFPB was one of the most effective agencies for consumers

By "have one" I think they meant a bureau to protect consumers financially.

For the most part all that those things accomplished was lots of paper.

Paper as in money? I can point to how multiple of these have saved me money directly. Cash dollars. Overdraft savings alone have numbered in billions back in the consumers' pockets... and that's just one piece of legislation that is easy to measure.

A lot of people don't realize how many current credit card regulations didn't exist 20 years ago. For example: you'd have to manually figure out how much interest was costing you and now they have to print it right on the statements.

They've helped rein in some of the most predatory industries out there in numerous ways.

I don't feel like going through each one specifically, and I'm sure some of them actually reined in some practices, but the vast majority are just disclosures, i.e. some paper for the consumer to sign without reading.

Why comment at all if you're going to make an incorrect claim with the evidence of "I don't feel like it"

Delaying the enforcement to July makes you right?

Please please please call me out in August if I am wrong, but I can absolutely guarantee this is like step 10 in further erosion of protections for consumers and this will never be enforced, certainly not in July. This is like rolling back overdraft fee caps, which has no benefit to consumers.

Stopping the hemorrhaging of money is more important. Were you aware of all the ridiculous ways money was being spent under Biden? It's why Democrats lost the election.

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