How This Government Agency Hurts Us All


When you think about government agencies like
the Environmental Protection Agency or the Food and Drug Administration, you probably
think their activities are overseen by Congress —that is, we the voters elect members of Congress
to monitor different departments of the federal government. But there’s one federal agency that doesn’t
operate like that. It’s called the Consumer Financial Protection
Bureau, or CFPB. Created by the Dodd-Frank financial law in
2010, the CFPB claims to hold banks and lenders accountable and protect Americans from predatory
lending practices—keeping the borrowing process fair. It sounds reasonable, but the law gave them
too much power. Unlike most government entities, the agency
receives its budget automatically every year and doesn’t have to answer to Congress. Its director is also a White House appointee
and can only be fired by the president. But how does this affect you? Well the CFPB is one of the government’s
most active rule-makers, churning out countless mandates to regulate the borrowing process. It targets numerous financial services—including
mortgages, credit cards, car loans, or short-term loans. The agency is especially focused on punishing
American banks and piling on thousands of regulations that cost billions of dollars
in compliance. And since the CFPB doesn’t have anyone to
answer to, it can levy fines and penalties onto whomever they want. This huge cost makes it harder for banks to
lend money to individuals and small businesses in need, preventing them from surviving and
thriving. If a small business can’t secure a loan,
for example, it can’t expand and hire more employees—hurting people who need jobs. Since the passage of the Dodd-Frank financial
law, only three new community banks have opened a year, compared to a historical average of
100 per year. On top of that, over 1,200 U.S. banks have
gone out of business since 2010. This leaves individuals and small businesses
with fewer options. Keep that in mind the next time you need a loan. It might be the CFPB holding you back.

Maurice Vega

100 Responses

  1. So the CFPB will not allow you to open a " predatory money lending scheme "? Like those ones that charged up 300%?

  2. This video explains how CFPB hurts Congress desire of power. I missed the part where it explains how the agency hurts american people.

  3. They forgot to mention why the department was created in the first place. 2008 anyone? Have we already forgotten about that?

  4. The thousands of laws, typically, are made so that only big businesses with teams of lawyers and accountants can make any money. It's designed to choke out any small business competition, and to look good for liberal idiots while everything remains the same.

  5. poor big banks… I can see how they are hurting while still getting away with charging 19% apr on car loans legally….I bet the banks paid for this video….shameful…unsubscribe

  6. So an agency designed to "protect" our interest from unlawful business practice is some how bad for all of us? Give me a break, take that right wing propaganda garbage elsewhere.

  7. Can PragerU please do a video on how the media try to influence the publics view on their country intervening into war such as with the "Syrian gas attacks" and "WMD" issues? Thanks.

  8. I'm booing this video due to speculative and subjective information. No facts or data were harmed in the making of this video… because they weren't even used in this video… booooooooooooooo! Go bank with Wells Fargo! booooo…. hisssssss….

  9. the banks did not go out of business they merged or was took over by the big banks that are running this country and if they held bank accountable then we would have imprisoned the banks and bailed out the people nope the banks got bailed out and the people lost there homes and some when to jail

  10. Wait so this bureau doesn't work like other government ran programs? I don't know about the calling to congress" part but I'm sure other "government entities" receive money and are ran by a person picked by the prez. Can someone please explain it I'm so confused.

  11. this is dispicablly bias and misleading..
    comparing number of new banks to historical averages (rather than just compare the year before and after) and attributing the difference to extra regulations that prevent preditory lending.
    this video must be bought and scripted by the same shitty people that want to conduct preditory lending.
    this channel has no morals and is a shitty source of information.
    keep waisting your add money pushing this bias filth and I'll keep speaking truth to power.

  12. Is this the agency that fined banks for not giving enough loans to minorities special groups and made them pay in donations to liberal non profits? You video appears very thin on substance and information, its more like an ad.

  13. Ha Ha Ha Ha, you are so right mega-corporations are being pushed around by these creeps protecting citizens. Banks are defenseless! If they did not own all of the politicians, they'd have no power at all.

  14. Does everyone understand that this channel is propaganda sponsored by the kleptocracy? The richest of the rich who still want <MORE!!! Starve the old, make cattle feed of babies, but give the RICH MORE! Why, because their greed convinces them that they deserve it.

  15. This seems like fear mongering to me. Sounds like 'There is this thing! Is it bad?! We're not sure! But it could be!'

  16. Shocked! This did not mention the fact that the Big, Too Big to fail banks are behind this and want the local and regional banks out of business! Come on PragerU, I am disappointed!

  17. My God. Propaganda like this is why America is going to shit right now. The CFPB is there so people can't scam you and get away with it. Anyone who wants the CFPB to go away either really wants to scam you or they are super stupid and don't do actual research.

  18. Welcome to "The Great American Bank Robbery," by Paul Sperry. OBTW it's an unauthorized report about really happened when Clint man changed the rules in 1995. Good luck comrades

  19. More propaganda from the republicans. They want everything to be unregulated…. so that we can have another economic crash like the one in '08.

  20. Elizabeth Warren would lose her mind if we shut down the CFPB. There is no greater tell for a program being harmful to hard working Americans and their families than Elizabeth Warren's affinity for it.

    Repeal Dodd-Frank and shut down the CFPB!

  21. How dare that government agency prevent the poor (((bankers))) from practicing (((usury)))! This is an outrage! We ought to get rid of all (((banking))) regulations! Next, they'll want to audit the (((Federal Reserve)))! Oy vey! It's like anudah shoah!

  22. I know Consumer Protection? That's crazy talk let's steamroll those little pawns, those pesky Government agents preventing our abuses of those "consumers" and "Americans" pfff crazy talk.

  23. Bureaucrats live by the maxim "Publish or Perish".

    "The more corrupt the state, the more numerous the laws."
    ~ Tacitus

    A soviet government is never in need of any more than 10% of the population's support. Look at Cuba, Venezuela, or N.Korea.

    Look at most Islamist-controlled populaces for that matter.

    All that is required is that the 90% either tacitly approve, live in apathy or distraction, or cower in fear.

  24. The CFPB does not have to answer to Congress because it should not be bogged down with everyday politics. How would they ever be able to protect the people's financial interests if they were subject to the same partisan roadblocks as Congress?

  25. LMAO did they forget the whole the whole mortgage crisis this was put in to prevent from coming back. Basicly this vid is telling us to let the fat cat banks get rich again and prey on john and Jane doe.

  26. I wanted to say that the President is clearly able to make sure the cfpb doesn't get too out of hand, but then I remembered who the President is.

  27. Reagan and the republicans gave their corporate lords and billionaire buddies waaaaaay too much power. Take your money out of the banks that screwed us and put it into your local credit union!

  28. Copy/paste "Corrupt Secrets of the Dollar Exposed" on the youtube search and my channel (Playialteady) has a really good video about the bankers/war b.s. both the left and the right and others can learn from and vibe with.

  29. That's right PragerU; We must get rid of all these regulations that are keeping the corporate banks from taking everyone too poor to afford a lawyer to the cleaners and preventing yet another housing and credit crisis from happing every three years like they want so that everyone that does not own a bank will work for a little gruel and a warm spot near the kitchen fires with the dogs.

  30. correlation does not equal causation and big banks have plenty of money not saying this is incorrect but nobody should form any opinions from this half-assed video

  31. that Consumer Financial Protection Bureau keeping the Jew boy of this fake university from stealing from us.
    There, give me my Master's degree.

  32. I remember back in the early 2000's when AMEX was giving college drop outs credit cards with a limit over $10,000, or how Loan sharks where approving people for credit lines they could never afford just so they can charge folks over 60% interest. Don't get me wrong I believe in capitalism but I also believe in predatory lenders.

  33. I don't disagree but if the government just let those bank give loans to people, this kind of system will also hijack the currently and promote inflation. It is better to teach people discourage loan and teach how to start businesses with what they currently have and not being a load dependent. Because if people can have something to loan, they will continue to loan for the rest of their lives. In my case, I am reluctant to loan any. I don't borrow money. I used my own money and resources to put up my own business. And from this small amount, I can save and, quite slow, build up my business.

    Loan system, indirectly, affects dollar value that leads to inflation in the long run.

    Teach people to do business using resources they currently have, not by things they don't have like load. Believe me. it works.

  34. So does this mean that PragerU is pro arbitration clauses that strip customers of their right to sue if they are wronged?

  35. This video completely ignores all the good stuff the CFPB has done for Americans and against rich people trying to exploit us.

    Here's an agency that is hurting us all that Prager University will never talk about: THE CIA

  36. Gonna be honest, you think if the banks got more money they'd use it to give out bigger loans? I don't buy it. They'd pocket the money.

  37. oh those poor banks!! they have to follow rules while they make guaranteed profit lending out more money than they have? that's so sad!

  38. Now you're against consumers? The CFPB is an amazing agency that has caught banks stealing money from people as "identity theft protection", and then forced the banks to give the money back to the consumers.

  39. I've used cash my whole life and I've done just fine. I even built my own home with my paychecks every week for 2 years. sometimes you just have to buckle down and eat ramen. it's a very peaceful feeling, not owing anyone anything.

  40. I don't know if I agree with the video or agree with the way the CFPB is run, but they did get me out of having to pay Verizon $556 for two phones I had already returned. Verizon was saying I did not return the phones and sent a fake internally owned collection agency after me called Vantage Collections. CFPB took care of all of it and I owed not a dime. I have no videos up or ties to the CFPB, but am just someone Verizon was trying to screw over. Ultimately, I got helped on this and another bad practice from cheapoairlines. These guys falsely advertised how they were going to accredit me back if I bought the extra protection package that allowed me a refund…fine print turns out that was far from the case, but that isn't what was advertised.

    I'm just saying the CFPB has helped me out twice now. I've saved over 600 dollars otherwise

  41. oh god
    i live in Iran & i think u american wants to *uck global economy one more time
    this is stupid TV

  42. This never would have happen if corporations didn't abuse the 14th Amendment and buy Judges. Corporations now are the only Sovereign in the USA . The Only corporation that is sovereign is the Government (The Republic ) The people through Democracy. And the states are Franchises of that. Exxon is not a Sovereign State (Is not the 51st State in the Union). Wall-Street is not its own country. The Media is not a Sovereign state. The "Crash" was too take wealth from middle class and the people of USA and transfer that wealth to a certain few. Then Create a system were people keep transfer that wealth. Thats is a prime form of Classical Conservatism. What we have in the USA is a modern form of feudalism. And it doesn't matter what political party they are all the same. They are just lap dogs for Big corporations. Big corporations, Big Banks are anti-Free market and Anti-capitalist. ACA is prime example Hurts everyone but Wall-Street is making a killing on the ACA. ACA is just a money laundering scam to wall-street and a certain few.

  43. Capitalism: risk = failure or reward
    Big Banks: risk = reward or reward
    If the banks fail again the government will bail them out again.

  44. Stupidest shit ive seen in my life how can you blatantly be so misleading. The sad this is these sad headass libertarians and republicans probably believe this

  45. If they report to congress they would be run by the congress employers. That is banks, insurance, and other monied interests. We need to change how these lobby crooks run congress first. Then congress might represent us a bit.

  46. where the hell were they when the banks were making sub prime loans that tanked the entire world economy in 2007?

  47. "1,200 U.S. banks have gone out of business since 2010." – … Unknown?
    Could you please cite your sources, and also give some context, or is that too much to ask?
    1) Just a quick wikipedia search seems to undermine that claim, unless you meant it in a different way (i.e. branches) which is negligently ambiguous. https://en.wikipedia.org/wiki/List_of_bank_failures_in_the_United_States_(2008%E2%80%93present)#2017
    2) Context is crucial if you are going to suggest "Dodd-Frank, etc." caused 1,200 banks to fail, especially since this source suggests that bank failures have been decreasing since DF/etc. https://www.forbes.com/sites/moneybuilder/2013/03/25/looking-back-at-bank-failure-rates/#5bb266e9581b

  48. The first half of the video was just useless fear-mongering and the second half was about Dodd-Frank generally, not specifically the CFPB. The CFPB only shuts down scams and predatory loans, but since you only care about the interests of the wealthy you're against that too.

  49. and yet when banks or other lending companies have no over site or regs are removed we get wells fargo or the housing collapse from a few years back and i could right a list with hundreds of other incidents were banks and others screwed the consumers which is why these government departments and regs were put in place after these abuses were found out.

  50. Maybe you don't need a loan to create reckless debts that crash the economy, and wipe our our home equity. Stop stealing from people.

  51. But you see prager U *insert a long and drawn out argument over how banks have hijacked the financial system and will be the cause of the demise of the American economy

    cough cough federal reserve

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