This is the part where the investment agency MUST act in the best interest of the consumer
instead of the best interest of the firm

Pwns wrote:Dodd-Frank is a paper tiger.![]()
Of course, I fully expect progressives who said it was a victory for Wall Street to now act like it's some great vanguard of the economy from Wall Street.
Of course I meant for the actual banks that DF was supposed to regulate. I have payed attention to what you and 89Hen have said about this.AZGrizFan wrote:Pwns wrote:Dodd-Frank is a paper tiger.![]()
Of course, I fully expect progressives who said it was a victory for Wall Street to now act like it's some great vanguard of the economy from Wall Street.![]()
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Yeah, no it's not. Compliance with DF alone costs us (my credit union) hundreds of thousands of dollars a year.
It's caused banks to hire more risk and compliance officers as well as lawyers. So...it's been good for the economy in that regard...I guess.Pwns wrote:Of course I meant for the actual banks that DF was supposed to regulate. I have payed attention to what you and 89Hen have said about this.AZGrizFan wrote:![]()
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Yeah, no it's not. Compliance with DF alone costs us (my credit union) hundreds of thousands of dollars a year.
That's precisely what I was getting at. Roll back the useless regs, not broker-dealer standards.AZGrizFan wrote:Pwns wrote:Dodd-Frank is a paper tiger.![]()
Of course, I fully expect progressives who said it was a victory for Wall Street to now act like it's some great vanguard of the economy from Wall Street.![]()
![]()
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Yeah, no it's not. Compliance with DF alone costs us (my credit union) hundreds of thousands of dollars a year.
..peacefully and patriotically make your voices heard..
Wrong. There are a number of causes but that's WAY down the list. Lenders liked the volume.JohnStOnge wrote:I've always felt that if government would've stayed out of financial decisions instead of doing things like pressuring banks to give loans to people they wouldn't voluntarily give loans to the 2008 financial crisis would not have happened.
Hey...we agree!BDKJMU wrote:2,300 pages with more than 22,000 pages of accompanying regulations. Way too long for anyone to read, written by lawyers, full of legalese, too difficult for non lawyers to understand. That's enough right there to tell you its a turd.
Jelly made a funny!Skjellyfetti wrote:Looking forward to Trump's next EO that all laws much be 140 characters or less.
Starting to believe you. He seems to be running a "my way or the highway" playbook. God help us.JohnStOnge wrote:I've always felt that if government would've stayed out of financial decisions instead of doing things like pressuring banks to give loans to people they wouldn't voluntarily give loans to the 2008 financial crisis would not have happened. But at the same time I find it interesting that an American public went all in on the anti bank bandwagon like that and now we have a President having a friggin' Goldman Sach's guy pulling his puppet strings to do this.
Trump himself has no clue. No idea as to what's going on.
Bullshit.JohnStOnge wrote:I've always felt that if government would've stayed out of financial decisions instead of doing things like pressuring banks to give loans to people they wouldn't voluntarily give loans to the 2008 financial crisis would not have happened. But at the same time I find it interesting that an American public went all in on the anti bank bandwagon like that and now we have a President having a friggin' Goldman Sach's guy pulling his puppet strings to do this.
Trump himself has no clue. No idea as to what's going on.
The real books?AZGrizFan wrote:The CFPB is in the business of generating revenue for the federal government. Banks (and now larger credit unions) are actually budgeting for fines. They don't know WHAT they'll be fined for (the "no guidance" thing BB discussed above), but they know it'll be SOMETHING. CFPB parked TWENTY examiners at Navy Federal CU for MONTHS. told the CEO "we're not leaving here until we find something. Four months later, they still hadn't found anything...he was pretty proud of that. Finally, in month SIX, they found some BS thing and fined NFCU $23 MILLION dollars. And there's no arbitration panel or way to oppose the fine. It's purely a revenue generating arm of the federal government.
Having gone through State of Washington Department of Revenue and Employment Security audits it's nearly impossible to be 100% compliant with any set of regulations. The D o R auditor told me that the state literally employs in house, full time auditors in larger companies like Microsoft to help with compliance.AZGrizFan wrote:The CFPB is in the business of generating revenue for the federal government. Banks (and now larger credit unions) are actually budgeting for fines. They don't know WHAT they'll be fined for (the "no guidance" thing BB discussed above), but they know it'll be SOMETHING. CFPB parked TWENTY examiners at Navy Federal CU for MONTHS. told the CEO "we're not leaving here until we find something. Four months later, they still hadn't found anything...he was pretty proud of that. Finally, in month SIX, they found some BS thing and fined NFCU $23 MILLION dollars. And there's no arbitration panel or way to oppose the fine. It's purely a revenue generating arm of the federal government.
kalm wrote:Having gone through State of Washington Department of Revenue and Employment Security audits it's nearly impossible to be 100% compliant with any set of regulations. The D o R auditor told me that the state literally employs in house, full time auditors in larger companies like Microsoft to help with compliance.AZGrizFan wrote:The CFPB is in the business of generating revenue for the federal government. Banks (and now larger credit unions) are actually budgeting for fines. They don't know WHAT they'll be fined for (the "no guidance" thing BB discussed above), but they know it'll be SOMETHING. CFPB parked TWENTY examiners at Navy Federal CU for MONTHS. told the CEO "we're not leaving here until we find something. Four months later, they still hadn't found anything...he was pretty proud of that. Finally, in month SIX, they found some BS thing and fined NFCU $23 MILLION dollars. And there's no arbitration panel or way to oppose the fine. It's purely a revenue generating arm of the federal government.
I had a guy from Paychex pimping me their regulatory compliance package a few years back. For $1400/month they could practically guarantee OSHA and L&I compliance and it was only a matter of time before I'd get a call as Obama and the State had been sending out examiners to small businesses everywhere.
Thankfully still haven't seen them yet, but I did create work place safety and employee manuals and started documenting meetings just to be on the safe side.
The regulators themselves don't know half the rules but they can bet on the fact that a small under-resourced business ain't compliant. The auditor does a day's worth of investigating and meeting with the manager and the it's pretty much a shake down. "We could fine you $50,000 for all these infractions, but I'll tell you what...we're willing to settle for $2500 if you are."
That's what happened during our last audit.
I haven't seen OSHA or L&I...yet.CAA Flagship wrote:kalm wrote:
Having gone through State of Washington Department of Revenue and Employment Security audits it's nearly impossible to be 100% compliant with any set of regulations. The D o R auditor told me that the state literally employs in house, full time auditors in larger companies like Microsoft to help with compliance.
I had a guy from Paychex pimping me their regulatory compliance package a few years back. For $1400/month they could practically guarantee OSHA and L&I compliance and it was only a matter of time before I'd get a call as Obama and the State had been sending out examiners to small businesses everywhere.
Thankfully still haven't seen them yet, but I did create work place safety and employee manuals and started documenting meetings just to be on the safe side.
The regulators themselves don't know half the rules but they can bet on the fact that a small under-resourced business ain't compliant. The auditor does a day's worth of investigating and meeting with the manager and the it's pretty much a shake down. "We could fine you $50,000 for all these infractions, but I'll tell you what...we're willing to settle for $2500 if you are."
That's what happened during our last audit.
I never understood why anyone would try to stay in their underwater house following the crash for the exact reason above...Wall Street had no consequences from walking from debt, so fuck it, why should Main Street?blueballs wrote: Oh, one other thing... the crash in the RE market at least here in Central FL wasn't entirely due to bad mortgages or even unemployment. I'll bet somewhere between a third and a half of all defaults were strategic, where people saw themselves upside down and just gave the house back to the bank or short sold- particularly condos. If you short sold a home in 2009 there is ZERO consequence credit wise today, both in terms of affecting credit score and from an eligibility standpoint for new financing. Yes, bad loans hurt a lot of people, but a lot of people just walked away and blamed somebody else... after all, blaming somebody else is the new american way.
That's pretty much true in most states. Auditors in GA are running full time audits at places like Coke, UPS, Gulfstream, etc.kalm wrote: Having gone through State of Washington Department of Revenue and Employment Security audits it's nearly impossible to be 100% compliant with any set of regulations. The D o R auditor told me that the state literally employs in house, full time auditors in larger companies like Microsoft to help with compliance.
I had a guy from Paychex pimping me their regulatory compliance package a few years back. For $1400/month they could practically guarantee OSHA and L&I compliance and it was only a matter of time before I'd get a call as Obama and the State had been sending out examiners to small businesses everywhere.
Thankfully still haven't seen them yet, but I did create work place safety and employee manuals and started documenting meetings just to be on the safe side.
The regulators themselves don't know half the rules but they can bet on the fact that a small under-resourced business ain't compliant. The auditor does a day's worth of investigating and meeting with the manager and the it's pretty much a shake down. "We could fine you $50,000 for all these infractions, but I'll tell you what...we're willing to settle for $2500 if you are."
That's what happened during our last audit.