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SmartCredit.com Consumer Education President John Ulzheimer on the lawsuits against the CFPB and the bank complaints filed with the agency.
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Texas bank into advocacy groups filing suit today in US district court.
I guess the Consumer Financial Protection Bureau its claim.
The CF PV is unconstitutional.
They say because of its quote unlimited regulatory power.
Hear it away and John Alzheimer president of consumer education for Smart credit dot com.
John what do you make of this.
I I you know it's funny I was kind of expecting that's -- -- -- -- I'm not sure that the timing.
The lawsuit and the CF PD's new credit card complaint database role essentially both things happening within a few days of each other was entirely non coincidental I think they probably had something do with each other.
-- well as we know whether CF PB.
Rolled out a website where consumers could complain and then their complaints are posted so.
A lot of banks angry this week and I'll listen for -- information is being made public and of course the bureau itself and goes after these people -- find out what the problem is and tries to resolve it.
But what's wrong with that at the end of the day.
I'll I -- -- don't tell it the ideal thing wrong with it is they clearly have zero dollars and our website design budget and it looks like.
It hate it but it is -- military and it doesn't work -- took the test drive Tuesday.
I think the only criticism that the banking industry had -- you know there is some merit to -- Is that there really isn't any sort of validation of the complaint reports posted I posted a fake complaint want to tell -- -- But I thought I posted a -- complaint against a fictitious bank with a fictitious account number just to see how it worked and if if I can do it there's really no checks and.
Now that's okay drink to your competitors could get an -- do the same -- -- you don't know.
But look at this my point giant there are web sites everywhere where people go -- and complain about banks you don't have to go to the CFP beatified -- everywhere.
There are times.
Website -- -- file complaints but not about how the stick of authority.
Dentistry -- -- doesn't remember every time you file a dispute with -- yet PD you have to give them the bank issued credit card.
How number of the credit card the phone number of the bank.
-- a website of the banking guess they're gonna do with your complaint they're gonna -- Package it up in a nice little package and they're gonna send -- off to the bank.
None of the other web sites taken that are.
That's one thing that these banks I think are terrified of is that they're gonna start getting.
You know just this influx of complaints some of them are gonna be reasonable some of them are gonna be completely unreasonable -- -- to spend time and money and manpower dealing.
-- -- -- -- -- -- -- There was.
Something else I wanna mention to you today 11% of folks say they still want to switch banks what's going on here I thought you know I thought this -- sort of go away frankly but it -- people are still upset.
Yet you know what I'm I'm.
Thrilled that bank transfer day still has -- and the -- a bank transfer day.
It's continuing and the number of consumers -- open new accounts of credit unions was staggering in Q1.
And this is good news I'm actually a little bit surprised that the eleven person.
Wasn't higher I was very very surprised that it wasn't more like forty or 50% but that's okay as long as people are -- To make their money portable and take it from institution to another institution that's gonna treat them better -- I'm happy with that.
Well I don't know -- its portability I care about is fair treatment even playing field.
Lower fees my friend John I know you're on the -- at -- side of that equation as I am thank you for coming on tonight always a pleasure to have you here.
Thanks Gerri good to see you get to CEO we'll -- right.
