U.S. consumer protection official puts Equifax probe on ice

Re:U.S. consumer protection official puts Equifax probe on ice by KirinDave on Monday February 05, 2018 @12:09PM (#16310187)

It is though. The CFPB has to be able to impose fines large enough to balk the largest financial players in one of the largest economies in the world.

Imagine if the cop that writes your speeding ticket gets paid on commission...

But if that then becomes an incentive for self-dealing, it is very problematic. Instead that money should go directly to citizens in the form of remediation and barring that, deficit paydown or underfunded government services (the VA comes to mind...)

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Re:U.S. consumer protection official puts Equifax probe on ice by username223 on Monday February 05, 2018 @12:41PM (#16310428)

Fining crooks like Equifax seems like a decent way to start funding a universal basic income. Call it a "white collar crime tax."

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Re:U.S. consumer protection official puts Equifax probe on ice by KirinDave on Monday February 05, 2018 @12:56PM (#16310550)

I wouldn't complain if that was the outcome. But I might also imaging using the fines cross-agency like giving the FDA more operating budget to pursue cross-state food safety issues.

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Re:U.S. consumer protection official puts Equifax probe on ice by s73ver_ on Monday February 05, 2018 @02:12PM (#16311171)

In that situation, the only funds for those agencies would come from fines. We're not at that situation.

And I'm all in favor of the CFPB getting pretty heavy handed. I wanna see some Enron style prosecutions start.

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