Trump Wants to Dismantle Consumer Watchdog CFPB

SPC Erich Guenther So the DC Court of Appeals ruled against the existing hierarchy structure of the CFPB as unconstitutional even though the Director of the CFPB went through Senate confirmation. The issue isn't whether the CFPB is a direct threat to our democracy considering it exists to protect citizens from corporate financial corruption. The Court's ruling was for restructuring the agency at the top so it meets the criteria as an Independent government oversight agency; not to disband it on the basis of illegal activities. This notion of disbanding the agency plays into the hands of loan sharking style businesses like mortgage lenders and payday lenders. Whose side are you on?

https://www.washingtonpost.com/news/get-there/wp/2016/10/11/federal-appeals-court-rules-the-structure-of-cfpb-is-unconstitutional/?utm_term=.58a8b5b032f3

MAJ James Woods - I am on the side that we already have a remedy for unfair business practices called the Civil Court System. There are also plenty of business laws on the books along with a huge surplus of trial lawyers with nothing but time on their hands.

Those are all great.......after the fact! Watchdog agencies like CFPB make businesses at least pause before implementing an unfair practice and that is the ultimate goal. The fact that something goes to trial after the unfair practice has occurred isn't going to make a business stop doing it, a lawsuit is just considered cost of doing business to companies who do this.

SPC Erich Guenther - The same type of lawyers paid by large corporations to avoid civil suits, force unfair arbitration, and create loopholes that screw over customers. Remember, consumers need money to pay lawyers to bring a civil suit to court after the fact and they can't afford a drawn out process that the businesses can afford; thus, leading to more unfair arbitration practices. CFPB is that additional legal source for consumers that can't fight the long civil suit cases on their own. Civil suit lawyers are as bad as the bankers whether they defend the banks or go after them with their for profit nature.

Watch the video end to end you might learn something.

SPC Erich Guenther No, I get it, but given Trump's history, my statement is not out of character for him.