How should we handle our money after trump dismantled the CFPB

[Dont@Me]

CFPB = consumer financial protection bureau

This agency gave billions back to consumers who were scammed by banks and credit card institutions.

I thought about withdrawing my money from my checking account because I don't want to wake up with $0 in my account. Holding all cash.

But not everywhere takes cash. Maybe I'll leave a few dollars in checking for bills and such?

 

[Dont@Me]

No one cares about being robbed?

@Gloxina i know you're following this shyt

 

[KBtheKey]

If you have a safe, pull out all cash except for 1000-5000 dollars.

If you banking like that, convert small percentages into other popular currencies in other accounts. Don't convert if you can't afford miscalculated minuses tho

 

[Brolic]

If you have a safe, pull out all cash except for 1000-5000 dollars.

If you banking like that, convert small percentages into other popular currencies in other accounts. Don't convert if you can't afford miscalculated minuses tho

Why? What would that safe guard against?

 

[Rekkapryde]

Unless they get rid of FDIC you Gucci

 

[OperationNumbNutts]

CFPB = consumer financial protection bureau

This agency gave billions back to consumers who were scammed by banks and credit card institutions.

I thought about withdrawing my money from my checking account because I don't want to wake up with $0 in my account. Holding all cash.

But not everywhere takes cash. Maybe I'll leave a few dollars in checking for bills and such?

Not sure and it actually brings up other issues. If the police for whatever reason find a large amount of cash on someone, they can easily claim civil forfeiture and take your shyt.

 

[Booker Carver]

Unless they get rid of FDIC you Gucci

This. FDIC/NCUA is protecting your checking account.

There are other laws that on paper should protect borrowers. CFPB just enforces, and I think it’s silly to lose that enforcer, but Dodd Frank and a host of other acts should still protect consumers.

 

[KBtheKey]

Why? What would that safe guard against?

If you don't know then don't worry about it

 

[Gloxina]

Unless they get rid of FDIC you Gucci

 

[3rdWorld]

Convert all cash and assets into Gold..

Unstable but vast economies on the brink with great uncertainty are risky for traditional cash currency.
Read up on how and why Japanese families buy more personal gold than anyone else.
Thank me later

 

[CopiousX]

CFPB = consumer financial protection bureau

This agency gave billions back to consumers who were scammed by banks and credit card institutions.

I thought about withdrawing my money from my checking account because I don't want to wake up with $0 in my account. Holding all cash.

But not everywhere takes cash. Maybe I'll leave a few dollars in checking for bills and such?

Invest in a good lawyer through legal insurance or a direct retainer.

This. FDIC/NCUA is protecting your checking account.

There are other laws that on paper should protect borrowers. CFPB just enforces, and I think it’s silly to lose that enforcer, but Dodd Frank and a host of other acts should still protect consumers.

Unless they get rid of FDIC you Gucci

This means nothing because trump is targeting them too. And if medicare , DOE, and IRS are on the chopping block, then FDIC is no sacred cow.

This is why putting some of your savings into a legal service is a good idea, in order to protect the rest of your investments and savings. Trump is shifting the burden of consumers defence onto the consumers themselves.

White House Weighs Folding FDIC Into Other Agencies | PYMNTS.com

The Trump administration is reportedly considering plans to shrink one of America’s banking regulation bodies. These talks propose folding the Federal

www.pymnts.com

https://www.reuters.com/markets/us/trump-advisers-reported-plan-ease-banking-oversight-may-not-get-required-support-2024-12-13/

 

[KillerPups]

Nvda voo and schd

 

[Booker Carver]

This means nothing because trump is targeting them too. And if medicare , DOE, and IRS are on the chopping block, then FDIC is no sacred cow.

This is why putting some of your savings into a legal service is a good idea, in order to protect the rest of your investments and savings. Trump is shifting the burden of consumers defence onto the consumers themselves.

White House Weighs Folding FDIC Into Other Agencies | PYMNTS.com

The Trump administration is reportedly considering plans to shrink one of America’s banking regulation bodies. These talks propose folding the Federal

www.pymnts.com

https://www.reuters.com/markets/us/trump-advisers-reported-plan-ease-banking-oversight-may-not-get-required-support-2024-12-13/

One article says FDIC would fold into the treasury department while the other says it will be abolished, but under the treasury department. It also says that it would be combined with another department but still handle deposit insurance. I don’t get from the article that our deposits wouldn’t continue to have protection.

 

[At30wecashout]

This. FDIC/NCUA is protecting your checking account.

There are other laws that on paper should protect borrowers. CFPB just enforces, and I think it’s silly to lose that enforcer, but Dodd Frank and a host of other acts should still protect consumers.

In theory. These things only work if enforced. CFPB was proactive. Dodd Frank and others are more a framework that establishes offices like the Financial Stability Oversight Council who set rules and watch markets but don't do the active enforcing. CFPB was really the defense mechanism while the rest can sort of be eschewed if there is no CFPB

Wall Street Reform: The Dodd-Frank Act

.content-wrap{ width: 670px; padding: 0px 15px 0 25px; float:left; } .content-inner{ padding-left: 25px; }In the fall of 2008, a financial crisis of a scale and severity not seen in generations left millions of Americans unemployed and resulted in trillions in lost wealth. Our broken financial...

obamawhitehouse.archives.gov

President Obama’s Wall Street reform law created an independent agency to set and enforce clear, consistent rules for the financial marketplace. The Consumer Financial Protection Bureau (CFPB) is setting clear rules of the road and will ensure that financial firms are held to high standards. Like a neighborhood cop on the beat, the CFPB supervises banks, credit unions, and other financial companies, and will enforce federal consumer financial laws.

No CFPB, no teeth If FDIC goes, expect runs on the bank and a recession that can teeter into depression. When people say "Obama did nothing" they clearly don't pay attention, because CFPB is one of the best agencies in the government not only for the return on what it does but keeping us from falling into financial crisis AND hitting companies when they do wrong on our behalf. Nobody regular has time for lawsuits to multinational corps.

 

[Dont@Me]

In theory. These things only work if enforced. CFPB was proactive. Dodd Frank and others are more a framework that establishes offices like the Financial Stability Oversight Council who set rules and watch markets but don't do the active enforcing. CFPB was really the defense mechanism while the rest can sort of be eschewed if there is no CFPB

Wall Street Reform: The Dodd-Frank Act

.content-wrap{ width: 670px; padding: 0px 15px 0 25px; float:left; } .content-inner{ padding-left: 25px; }In the fall of 2008, a financial crisis of a scale and severity not seen in generations left millions of Americans unemployed and resulted in trillions in lost wealth. Our broken financial...

obamawhitehouse.archives.gov

No CFPB, no teeth If FDIC goes, expect runs on the bank and a recession that can teeter into depression. When people say "Obama did nothing" they clearly don't pay attention, because CFPB is one of the best agencies in the government not only for the return on what it does but keeping us from falling into financial crisis AND hitting companies when they do wrong on our behalf. Nobody regular has time for lawsuits to multinational corps.

how would you expect the banks to operate without these protections? you think the banks would just straight up uproot our checking and savings accounts?