US Chamber of Commerce launches new attacks on Consumer Financial Protection Bureau
The United States Chamber of Commerce has always stood up for the rights of industries that have money, and in particular the rights of those industries to pay little tax, follow as few safety and anti-pollution regulations as possible. and, of course, to defraud living bejeezus. whoever they want. But we probably would have missed their latest attack on CFPB Director Rohit Chopra’s “ideologically motivated agenda to radically change the nature of the American financial services industry” if the Los Angeles TimesMichael Hiltzik had not underlined the almost satirical announcement of the House on this subject.
Here it is, and it is very funny. Never has a collection of wealthy tycoons suffered the way they are suffering now, they claim.
Besides ticking off commercial buzzwords like “ideologically driven” and “radical,” they have, well, pretty much everyone else in there too? Here are the House complaints: In “various speeches”, Chopra expressed “extreme and inaccurate views” such as, and I quote:
• “Describes ‘backsliding’ as ‘through the course for many mainstream companies.'”
Yeah, I mean… duh? It’s extremely well documented, isn’t it? The Wells Fargo name is now synonymous with consumer fraud, and it’s not because they just did a twisted little thing and called it done. The largest financial companies are regularly hit with fines.
• “Said that financial regulators were ‘…ignorant and often corrupt lawyers and economists…often seen as auditioning for future employment…'”
Again, the more we hear about this guy from Chopra, the more impressive he seems to be! It is indeed a problem that the federal administrations (Donald Trump) appointed (Donald Trump) regulators who worked (Donald Trump) to weaken the regulations they were responsible for enforcing before returning to the financial sector to lobby. That’s pretty much the definition of how our federal government works today. I guess you might take issue with calling it “corrupt” because, hey, if everyone else is doing it too, it can’t be that bad, but the House insisting that the whole current agenda of the CFPB must be scuttled because the bad man hurt their fabulously rich fees are, go out on a limb here, a little too much.
Christ, how many people who work for or with the Chamber of Commerce himself are former federal governments? What is the percentage? The House Executive Vice President “spent nearly 20 years working in the House of Representatives”, was Deputy Chief of Staff for Representative Kevin McCarthy and “oversaw policy formulation in the Leader’s Office”. The president of the Chamber Foundation “served on President George HW Bush’s speechwriting team.” Another was the legislative aide to a senator and a member of the House. Another was “Legislative Director to the former Chairman of the International Economic Policy and Trade Subcommittee in the House of Representatives.” Commerce guy Jack Howard has “over 25 years of government service” working for George Bush, the other George Bush, Dennis Hastert, Newt Gingrich and Trent Lott. And that’s just the first dozen names!
Oh no, how could anyone ever think that the people writing our laws and regulations could consider themselves “auditions” for future jobs in the industries these rules are supposed to contain? What kind of monster would think such things? Who would ever say such things out loud?
Yeah, lean on that one.
• “I coined the term ‘junk fee’ as an ‘exploitative revenue stream’ in a blunt attempt to defame legal products with well-disclosed terms. »
Oh my Gaaaaaaaawd please stop talking. The man called your devilish fee structures designed to dump your poorest customers “junk fees”. He didn’t say “and companies that continue to abuse these rate structures must burn down their headquarters”, he didn’t say anything about torches, tar or heads on pikes, he was simply Rude referring to it publicly. Please take a moment to dab your fucking eyes with hundred dollar bills and calm down.
It’s impossible to even take that moan seriously. We all know the kind of “legal products” that Chopra and the Extremely Many Other Industry Watchers called “garbage” or “exploitative” because the news has been full of them for a very long time. As Hiltzik points out, Chopra simply noted that banks gobbling up $15 billion a year in overdraft fees alone was embarrassing enough for the industry to drive some of those fees down. The entire payday loan industry is a long list of “exploitative” but “legal” products.
You may be familiar with a particular operating practice of credit card companies: rearranging the monthly due dates of your bills so that each is due in just under a month, causing those bills to arrive at due on a different date (earlier) from each month to the next. Didn’t you understand that when they shot it at you? Ha ha ha, now you owe us late fees and interest, suction cups.
Again, are there consumers in America not Familiar with “junk fees” for things? Ridiculous fees for withdrawing your own money from your own bank account? Overdraft fees caused by banks re-arranging transactions so that deposits occur artificially “after” withdrawals? Fee to see a cashier? A fee for not seeing a cashier? Any parking charges in a north facing direction on a Tuesday? Billing schedules change on a whim? Emails from your bank offering you a free product that, surprisingly, will cost you a monthly fee each month thereafter and can only be canceled by visiting the bank’s headquarters in the bowels of Mt. Doom?
Here’s a tip: if your company doesn’t charge people “junk fees,” Chopra wasn’t talking about you. Oh – you think he has been? So, sport, maybe it’s time for a little introspection. Take a short walk around a lake to clear your head, contemplate your life choices, or whatever floats on your extremely large and expensive boat.
It’s kind of like men walking into cafes with loaded AR-15s and getting dramatic when everyone around them is giving them dirty looks. Decades of fast and loose play with often devastating financial regulations have resulted in slight approval? Heavens.
Listen, y’all, we fairly recently came out of a major global recession caused by the financial industries that standardized large-scale fraud as an entirely new product that they could then sell so everyone could make big money. bonus while passing the twisted bag to the next guy. It was the definition of a “junk” product produced by lawmakers and regulators who were bending the rules to allow their future employers to sell Absolute Crap, and it was the “repeats” that made the whole system work. to begin with, and it was “recurrences” that left each bank unable to deal with the consequences of their own scam without the feds, meaning all of your consumers, stepping in to cure you while all of those who managed the scheme got away with the exact same bonuses as usual. It was institutionalized corruption! It was a complete shitshow from top to bottom! And we’ve got your back, for reasons that history can only begin to understand!
It’s now 2022 and the same people who demanded and drafted the looser federal regulations so financial companies could intentionally sell shitty products to each other are now sitting in the offices of the United States Chamber of Commerce whining that the federal department created precisely to control this kind of gargantuan dishonesty. the front is being mean and is examination their products.” Yeah, well, not every federal agency can be run by Mick Mulvaney forever. Sorry.
This is not serious. The House says it will spend “six figures” on a digital ad campaign complaining about “out of control” Chopra, which is only notable because the only people in America who give a damn about the things Chopra says in speeches are the people paying money to the Chamber of Commerce to run these ads, so the Chamber is essentially running an ad campaign announcing their outrage at…themselves. Sure, and again: whatever floats your boat on that one. I’m sure the rest of the bewildered public will find real resonance in your assertions that, uh, the financial industry executives who have deceived them for decades are the real victims here.
Hey, though, it’s pretty impressive how quickly the corporate American community decided they don’t care about coup attempts or violence on Capitol Hill anymore, because at least the people who staged the coup didn’t want them to curb costly overdraft fees. This is funny.
And bend Again on this one, by the way. Damn post-capitalist fascist nihilistic rat bastards and planetary agnostics.