Consumer Bureau’s New Leader Steers a Sudden Reversal

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FlyingPenguin
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Consumer Bureau’s New Leader Steers a Sudden Reversal

Postby FlyingPenguin » Wed Dec 06, 2017 8:01 pm

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Genom
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Re: Consumer Bureau’s New Leader Steers a Sudden Reversal

Postby Genom » Thu Dec 07, 2017 7:34 am

Come on, who honestly believed that bullshit to begin with?

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Re: Consumer Bureau’s New Leader Steers a Sudden Reversal

Postby Losbot » Thu Dec 07, 2017 8:52 am

So annoyed with govt.

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Err
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Re: Consumer Bureau’s New Leader Steers a Sudden Reversal

Postby Err » Thu Dec 07, 2017 9:07 am

After a nearly three-year legal skirmish, the Consumer Financial Protection Bureau appeared to have been victorious. A judge agreed in September with the bureau that a financial company had misled more than 100,000 mortgage customers. As punishment, the judge ordered the Ohio company, Nationwide Biweekly Administration, to pay nearly $8 million in penalties.


Is my math correct? A back misled 100,000 people and got fines $80 per person? I don't know the regulations but that seems like a slap on the wrist. If a bank can afford to lend to 100,000 people, they can afford stiffer penalties.

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Re: Consumer Bureau’s New Leader Steers a Sudden Reversal

Postby FlyingPenguin » Thu Dec 07, 2017 9:25 am

Now they don't even have to pay that. The new boss is dropping it.
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Re: Consumer Bureau’s New Leader Steers a Sudden Reversal

Postby Genom » Fri Dec 08, 2017 11:21 am

Bank fines have always been minor slaps on the wrist vs the damage caused.


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