It seems like a motivation for creating it was to centralize enforcement

> Backers of the idea argued that because several federal agencies were regulating the consumer banking system, there were gaps in oversight that left consumers vulnerable or confused. The new agency would consolidate those regulatory responsibilities in one place.

I assume they have something equivalent. I also know consumer banking at least works differently in Africa and Europe then it does in the US. IIRC bank accounts are protected and accessed differently

Your other posts on this thread seem emotional, angry and aggressive, so I'm just not going to bother engaging anymore

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.

From the article:

"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%.

But yeah, it's a waste, let's shut it down.

CFPB's budget[1] was $500 mln 12 years ago and now is $900 mln, lets take average $700 mln over 12 year = $8.4 bln just cash outlay

I highly doubt $14 bln is accurate, but even if it is, its only 70% over their carrying cost.

as a hiring manager in private sector, in order to justify headcount, the benefit must exceed 3x the carrying cost of an employee.

to hire $100k person, I must prove $300k benefit to the company at very least, and 5x benefit is more appreciated by management.

doesnt look like a good return at all honestly

  1. https://crsreports.congress.gov/product/pdf/R/R48295/2

That was a single example of their value.

Because they have more sensible actors, stronger regulators, and less room for corruption that America.

Maybe before you determine, without evidence, that an agency is "useless", you should be honest and dive into the details before making such a foolish statement.

Quite right.

The agencies offered in the parent comment don’t do the work the CFPB does, nor address the same regulatory enforcement.

The only actors “harmed” by the CFPB are the actors attempting to exploit Americans.

But by all means my fellow Americans, let’s see what happens when we remove the vanguard of the consumer protections instituted as a result of the subprime mortgage crisis. That’ll ultimately be so great for the economy.