Comments on: What the Consumer Financial Protection Agency Means for You http://www.mint.com/blog/finance-core/what-the-consumer-financial-protection-agency-means-for-you/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Fri, 19 Mar 2010 18:26:43 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: Sebastian http://www.mint.com/blog/finance-core/what-the-consumer-financial-protection-agency-means-for-you/comment-page-1/#comment-45618 Sebastian Fri, 12 Feb 2010 16:13:35 +0000 http://www.mint.com/blog/?p=4167#comment-45618 "... Money does not buy happiness.." whoever said that was probably a rich bastard. No I do not agree with the statement, but it sure is easy to say that when you are well off. Same goes for those who hate government intervention in their life. That is easy to say when you are not one of those hardest hit by this lawless bankers. You as well as those bankers are the first ones in line crying for help when thing go upside down. The rest of us are the ones in charge of bailing you out after you ran away with our money. I would suggest you look up the video "Money as debt" and the story tittled "10 million monkeys" (will be glad to post it here if you can't find it). Let me clarify I don't expect the government to do everything for me, but regulation is necessary evil. I don't care how much different credit cards are from invesment banks, the same lawless phylosophy runs in their blood. For Darlene, credit card companies have (or use to have until recently) the freedom to change around your due date without notice. They use certain rules that can be understood if you have a free weekend to spend on it. Things like 20 days after end of billing cycle but not if it is a holiday... and the story goes on. Is much more complicated than that. To give you an example, there are months where my credit cards is due twice on the same month. I am not talking about having two billing cycles in one month, I am talking about July being due on August 1 and August due on August 30. There are also some tricky rules. Your payment can be due on a non-working day, but payments can not post on a non-working day (Bank of America if you are wondering). So if your card is due sunday but you didn't pay by friday... well, you well know the rest of the story. How about bank statements? I don't know about your bank. I have seen stories of large banks doing this but mine a community bank. Yes, those people who call themselves my neighbor. I am continously hit with OD fees, yet my account does not show a negative balance. They say is because I did not have enough "available" funds at the time. My point is that even when I keep a carefull log of my spending, I can not trust them to put the transactions in the same order as they happened. Yes they need to clear, yes it takes time, but the date and time of the transaction does not change. Their online and phone banking system say one thing, but their computer system says another. I am not asking for free money, I am asking for consistency, clear information that will allow me to make the right decision. That is what I expect the government to do for me. Regulate those who do not behave. Empower those who do.Excuse my bad english, I am a spanish speaker. I make $55K a year in a poor area where the median income is only $12K. I did not speak a word of english when I first came here. I was never here ilegally, I never received help from the government or files taxes with anything else than a 1040EZ (those who claim their dog food, you know who you are). I did all of that for myself, by myself....oh, almost forgot, I have never been given a bonus over $700. “… Money does not buy happiness..” whoever said that was probably a rich bastard. No I do not agree with the statement, but it sure is easy to say that when you are well off. Same goes for those who hate government intervention in their life. That is easy to say when you are not one of those hardest hit by this lawless bankers. You as well as those bankers are the first ones in line crying for help when thing go upside down. The rest of us are the ones in charge of bailing you out after you ran away with our money. I would suggest you look up the video “Money as debt” and the story tittled “10 million monkeys” (will be glad to post it here if you can’t find it). Let me clarify I don’t expect the government to do everything for me, but regulation is necessary evil. I don’t care how much different credit cards are from invesment banks, the same lawless phylosophy runs in their blood. For Darlene, credit card companies have (or use to have until recently) the freedom to change around your due date without notice. They use certain rules that can be understood if you have a free weekend to spend on it. Things like 20 days after end of billing cycle but not if it is a holiday… and the story goes on. Is much more complicated than that. To give you an example, there are months where my credit cards is due twice on the same month. I am not talking about having two billing cycles in one month, I am talking about July being due on August 1 and August due on August 30. There are also some tricky rules. Your payment can be due on a non-working day, but payments can not post on a non-working day (Bank of America if you are wondering). So if your card is due sunday but you didn’t pay by friday… well, you well know the rest of the story. How about bank statements? I don’t know about your bank. I have seen stories of large banks doing this but mine a community bank. Yes, those people who call themselves my neighbor. I am continously hit with OD fees, yet my account does not show a negative balance. They say is because I did not have enough “available” funds at the time. My point is that even when I keep a carefull log of my spending, I can not trust them to put the transactions in the same order as they happened. Yes they need to clear, yes it takes time, but the date and time of the transaction does not change. Their online and phone banking system say one thing, but their computer system says another. I am not asking for free money, I am asking for consistency, clear information that will allow me to make the right decision. That is what I expect the government to do for me. Regulate those who do not behave. Empower those who do.Excuse my bad english, I am a spanish speaker. I make $55K a year in a poor area where the median income is only $12K. I did not speak a word of english when I first came here. I was never here ilegally, I never received help from the government or files taxes with anything else than a 1040EZ (those who claim their dog food, you know who you are). I did all of that for myself, by myself….oh, almost forgot, I have never been given a bonus over $700. ]]> By: somellama http://www.mint.com/blog/finance-core/what-the-consumer-financial-protection-agency-means-for-you/comment-page-1/#comment-44801 somellama Thu, 28 Jan 2010 04:14:21 +0000 http://www.mint.com/blog/?p=4167#comment-44801 "I’ve made that mistake and I quickly learned through trial and error. I didn’t need a multi-billion dollar bureaucracy to teach me that – it’s common sense. The problem is people aren’t taking personal responsibility for their actions." Like getting a credit card with a rate of 6% that was quickly turned into 30% with no recourse? Who do you work for? citibank? Without government protection what recourse do consumers have from predatory lenders? none. “I’ve made that mistake and I quickly learned through trial and error. I didn’t need a multi-billion dollar bureaucracy to teach me that – it’s common sense. The problem is people aren’t taking personal responsibility for their actions.”

Like getting a credit card with a rate of 6% that was quickly turned into 30% with no recourse?

Who do you work for? citibank?

Without government protection what recourse do consumers have from predatory lenders? none.

]]> By: SEO SITE http://www.mint.com/blog/finance-core/what-the-consumer-financial-protection-agency-means-for-you/comment-page-1/#comment-37522 SEO SITE Fri, 18 Sep 2009 01:51:08 +0000 http://www.mint.com/blog/?p=4167#comment-37522 This has made me mad since day one, and with all that has happened over the past few days i couldn't agree more with the posters above. I get so feedup with the whole ordeal I can't even talk... This has made me mad since day one, and with all that has happened over the past few days i couldn’t agree more with the posters above. I get so feedup with the whole ordeal I can’t even talk… ]]> By: Derrick http://www.mint.com/blog/finance-core/what-the-consumer-financial-protection-agency-means-for-you/comment-page-1/#comment-35569 Derrick Thu, 20 Aug 2009 16:10:19 +0000 http://www.mint.com/blog/?p=4167#comment-35569 I understand Darlene's frustration with her credit card, but credit card companies are the most impersonal financial firms in existence. They will do what they please and all you can do is to be put on hold for 30 minutes to be told "sorry, we sent a letter" or "that is policy". I think one of the major problems we face or misconceptions is that all banks, credit card co, and etc. are wolves in sheep’s clothing. A handful of companies including credit card companies, investment banks, and mortgage companies have taken huge risks and put consumers at huge risk. Question? Where do most people in America do their banking? With Community Banks! Community Banks consist of people you are in church with, see them at the grocery store, kids play sports together, answer the phone themselves when you call a branch, and sit across from you when you are in need of advice or need help. Community banks are not investment banks, most do not provide credit cards, and do not deal in the derivative markets, but they are painted with the same brush as the ones you see and hear about in the news. Therefore, the majority of people will not be affected by changes to credit card companies or mortgage brokers, but changes at the local banks. The consumer protection agency is more like a "Consumer you have choice A or B Agency." Part of this agency will remove the traditional community banking model that has done very well and who knows where it will end. If you were wondering, yes, I do work for a small community bank. Thank you! I understand Darlene’s frustration with her credit card, but credit card companies are the most impersonal financial firms in existence. They will do what they please and all you can do is to be put on hold for 30 minutes to be told “sorry, we sent a letter” or “that is policy”. I think one of the major problems we face or misconceptions is that all banks, credit card co, and etc. are wolves in sheep’s clothing. A handful of companies including credit card companies, investment banks, and mortgage companies have taken huge risks and put consumers at huge risk. Question? Where do most people in America do their banking? With Community Banks! Community Banks consist of people you are in church with, see them at the grocery store, kids play sports together, answer the phone themselves when you call a branch, and sit across from you when you are in need of advice or need help. Community banks are not investment banks, most do not provide credit cards, and do not deal in the derivative markets, but they are painted with the same brush as the ones you see and hear about in the news. Therefore, the majority of people will not be affected by changes to credit card companies or mortgage brokers, but changes at the local banks. The consumer protection agency is more like a “Consumer you have choice A or B Agency.” Part of this agency will remove the traditional community banking model that has done very well and who knows where it will end. If you were wondering, yes, I do work for a small community bank. Thank you! ]]> By: Darlene http://www.mint.com/blog/finance-core/what-the-consumer-financial-protection-agency-means-for-you/comment-page-1/#comment-34962 Darlene Sat, 15 Aug 2009 05:34:56 +0000 http://www.mint.com/blog/?p=4167#comment-34962 I think the CFPA is a great idea. People who think things are great as it is are just not up to date with the real world issues or haven't been affected by them. Sure, everything is always cool the way they are until it hits home. I am just sorry that this agency won't come into affect much sooner. We are living in a time whereby there is no such thing as good, honest business practices anymore. There will always be wolves in sheeps clothing. I was recently put in a very difficult position with my credit card company. I have a DISCOVER CARD and a few months ago they apparently changed there due date on me. Instead of payment due on the 6th it was moved to the 1st without a warning, no letter informing me. As a result, I made my payment at the end of the month as always and came my August bill, I was hit with a late fee and high finance charges. The company argued that they sent a letter notifying me of the change. It is August 14th and I am still waiting for a reprint. I called in and spoke to a rep and I was told to make my usual payment and that the account would be adjusted. Come September 1st bill, it reflected a higher payment due and my APR was moved from 19.24 % to about above 27.%. When I stated my account has always been in excellent payment status, I was told to make the larger payment before the original APR would be reinstated. If I didn't have the money to make the larger payment, I would have been in trouble and speeding down a slippery slope. After this occurance I sent out a note on Twitter and 183 of my 8,000 or so followers wrote back having the same issue. 109 of the 183 had the same issue with DISCOVER. Chance occurance, I doubt it. I think the CFPA is a great idea. People who think things are great as it is are just not up to date with the real world issues or haven’t been affected by them. Sure, everything is always cool the way they are until it hits home. I am just sorry that this agency won’t come into affect much sooner.

We are living in a time whereby there is no such thing as good, honest business practices anymore. There will always be wolves in sheeps clothing. I was recently put in a very difficult position with my credit card company. I have a DISCOVER CARD and a few months ago they apparently changed there due date on me. Instead of payment due on the 6th it was moved to the 1st without a warning, no letter informing me. As a result, I made my payment at the end of the month as always and came my August bill, I was hit with a late fee and high finance charges. The company argued that they sent a letter notifying me of the change. It is August 14th and I am still waiting for a reprint. I called in and spoke to a rep and I was told to make my usual payment and that the account would be adjusted. Come September 1st bill, it reflected a higher payment due and my APR was moved from 19.24 % to about above 27.%. When I stated my account has always been in excellent payment status, I was told to make the larger payment before the original APR would be reinstated. If I didn’t have the money to make the larger payment, I would have been in trouble and speeding down a slippery slope. After this occurance I sent out a note on Twitter and 183 of my 8,000 or so followers wrote back having the same issue. 109 of the 183 had the same issue with DISCOVER. Chance occurance, I doubt it.

]]> By: Avery http://www.mint.com/blog/finance-core/what-the-consumer-financial-protection-agency-means-for-you/comment-page-1/#comment-33249 Avery Thu, 23 Jul 2009 01:02:13 +0000 http://www.mint.com/blog/?p=4167#comment-33249 I can not totally agree with your opinion. I can not totally agree with your opinion. ]]> By: James http://www.mint.com/blog/finance-core/what-the-consumer-financial-protection-agency-means-for-you/comment-page-1/#comment-33055 James Mon, 20 Jul 2009 05:45:36 +0000 http://www.mint.com/blog/?p=4167#comment-33055 I can't tell you how much I disagree with the implementation of this agency. First, financial products are made to be risky. Thats the entire point. Second, its not clear to me that the proposed bureaucracy won't just get in the way of innovation. A lot of people don't get this but financial innovation is a very important part of history. For example, the first joint stock corporations in the netherlands in the 1600s made international trade a reality by leveraging the wealth of a lot of smaller investors, thus making transatlantic voyages are fiscal reality. Many other examples about, but since the main goals of government is to increase its size and influence, I am concerned that this agency will just get in the way. Plus, it will cost a lot and taxes are quite high enough already. Best, James I can’t tell you how much I disagree with the implementation of this agency.

First, financial products are made to be risky. Thats the entire point.

Second, its not clear to me that the proposed bureaucracy won’t just get in the way of innovation. A lot of people don’t get this but financial innovation is a very important part of history. For example, the first joint stock corporations in the netherlands in the 1600s made international trade a reality by leveraging the wealth of a lot of smaller investors, thus making transatlantic voyages are fiscal reality. Many other examples about, but since the main goals of government is to increase its size and influence, I am concerned that this agency will just get in the way.

Plus, it will cost a lot and taxes are quite high enough already.

Best,

James

]]> By: dem-wa http://www.mint.com/blog/finance-core/what-the-consumer-financial-protection-agency-means-for-you/comment-page-1/#comment-32819 dem-wa Sun, 12 Jul 2009 23:56:16 +0000 http://www.mint.com/blog/?p=4167#comment-32819 don't understand - is this saying the govt will create a specific savings account for me and funnel money into it from payments i'd ordinarily receive? i keep seeing versions of this all over the web and they conflict. is the government actually telling me i have to save a certain amount and forcing that to happen? EXPLAIN please. don’t understand – is this saying the govt will create a specific savings account for me and funnel money into it from payments i’d ordinarily receive? i keep seeing versions of this all over the web and they conflict. is the government actually telling me i have to save a certain amount and forcing that to happen? EXPLAIN please. ]]> By: Adam H http://www.mint.com/blog/finance-core/what-the-consumer-financial-protection-agency-means-for-you/comment-page-1/#comment-32747 Adam H Wed, 08 Jul 2009 13:20:08 +0000 http://www.mint.com/blog/?p=4167#comment-32747 "Didn’t product innovation and offering ‘customized’ loans mostly get us into this mess?" Nope. Good try though. “Didn’t product innovation and offering ‘customized’ loans mostly get us into this mess?”

Nope. Good try though.

]]> By: paulG http://www.mint.com/blog/finance-core/what-the-consumer-financial-protection-agency-means-for-you/comment-page-1/#comment-32742 paulG Wed, 08 Jul 2009 09:29:58 +0000 http://www.mint.com/blog/?p=4167#comment-32742 Sounds like the Credit Cover Act that we have in SA. There was lots of flack from the banks when it was signed into effect, but most economists agree that its one of the reasons South African consumers were not that hard hit by the financial crisis. Sounds like the Credit Cover Act that we have in SA. There was lots of flack from the banks when it was signed into effect, but most economists agree that its one of the reasons South African consumers were not that hard hit by the financial crisis. ]]>