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The CFPB’s Power Grab

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  • Description

    FBN’s Liz MacDonald on the Consumer Financial Protection Bureau expanding its powers.

  • Duration 3:10
  • Date

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This transcript is automatically generated

Our -- make dot -- and lives I was.

Flabbergasted.

By your story today but -- I guess I shouldn't be surprised says.

Financial protection agency is.

-- -- a power -- -- when you set up a new.

Agency for regulation you're gonna get them to regulate somebody anybody in every.

Ought to get a straight day it's also house in the Federal Reserve and congress cannot starve it of its budget because it gets its budget.

Well from the -- -- here's what's going on you know when Dodd-Frank launched the CF PP.

They Consumer Financial Protection Bureau put -- for comment on YouTube and Twitter -- know what have you consumer tell us how you're being -- And sure net debt collectors were at the top store credit reporting agencies and now.

-- moving to regulate.

Debt collectors and credit reporting agencies like Experian Trans Union.

That is -- credit -- are.

Is this coming as a surprise -- it these eight these institutions of these parts of the financial.

I think I think would fit what's going on -- is that they felt that this was the reason why this -- -- was even launched because -- trying to root around this shatter records the finances we have consumers.

Are being -- but now -- going on as is that they see -- PP has its own assistant director to oversee these unregulated.

Non bank so to speak.

And now they're gonna be sending in people to examine and possibly assess fines and -- thing is you know.

You could still have you know -- credit card rejection notice on your credit reporting.

Agency you know account new -- and not even -- about you know and so we're from -- days working at Woolworth or whatever so.

So now you get a place to complain about it so that's the key complain about this eap B and didn't -- crackdown that's not necessarily bad -- is that why isn't about why I think what they resent them controversial point is is that if this CPB can just sent -- -- notice anybody -- -- -- -- regulate you know.

-- only -- -- -- taking -- plan or orally or in writing to them but they can say forget that we can still regulate you.

So that's I think it -- the process.

Basically bubble to the surface how how they went about regulating -- saying we're gonna do it -- the fear of regulation and change house some of these businesses operate in from.

I'd like they would in war it because they don't want to draw the attention.

Of those consumer protection -- I think -- -- yeah I think so because it look at the Federal Trade Commission dollars saying that debt collectors.

Or the worse in terms of consumer complaints there's no regulation the office -- operate the behest of the banks.

And so the credit reporting agencies -- in other words.

But the they have the controversial another kind of -- point is that consumers that -- did did they -- producing new consumer -- try to get you to give you a choice of your debt collector to give you a choice of your credit reporting agency.

That's unheard of I don't know how that would work.

You know how could consumer chooses Genentech collect on them and by the way -- -- is a lot of these debt collectors to so you know whether they're not that cross hairs and crossed wires.

With the -- -- -- Is an important point have to consider love -- -- think they are you so much sure grants them home price numbers from case Shiller Eminem at the top of the hour.

Was I was dead let's look as good as again it's -- home prices have been falling since the middle of 06.

Incredible thing about Liz MacDonald bank is -- will be on all day long but again.

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