Comments on: Even more incentive for the banks to kill the CFPA http://blogs.reuters.com/felix-salmon/2010/03/04/even-more-incentive-for-the-banks-to-kill-the-cfpa/ A slice of lime in the soda Sat, 25 May 2013 00:03:13 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: HBC http://blogs.reuters.com/felix-salmon/2010/03/04/even-more-incentive-for-the-banks-to-kill-the-cfpa/comment-page-1/#comment-12468 HBC Sat, 06 Mar 2010 03:32:58 +0000 http://blogs.reuters.com/felix-salmon/?p=2837#comment-12468 It could be argued, the Federal Reserve isn't affiliated with the government seeing as how it's basically a consortium of mega-banks that do more or less whatever they want under the guise of "public interest", screwing the public included. That's exactly what they aim to keep on doing, too. Their stated objection to not having control over "nonbank" lending practices appears to pivot - per Kaper's article - more than anything else around the prospect of open competition from non-TBTFs, by which they surely don't mean payday lenders. Ergo it's smaller, truly competitive banks the cartel's really out to get; the subtext being, they won't rest until what's handed them on a plate are everybody else's heads, using payday lenders as the Trojan Horse to hard-sell iron fist re-standardization without representation. A 100% independent CFPA would not only seem to be the only way impartial standards enforcement could be attained – it *is* the only way. How badly reserve banks dislike this idea is a measure of how good and essential it is. It could be argued, the Federal Reserve isn’t affiliated with the government seeing as how it’s basically a consortium of mega-banks that do more or less whatever they want under the guise of “public interest”, screwing the public included. That’s exactly what they aim to keep on doing, too.

Their stated objection to not having control over “nonbank” lending practices appears to pivot – per Kaper’s article – more than anything else around the prospect of open competition from non-TBTFs, by which they surely don’t mean payday lenders. Ergo it’s smaller, truly competitive banks the cartel’s really out to get; the subtext being, they won’t rest until what’s handed them on a plate are everybody else’s heads, using payday lenders as the Trojan Horse to hard-sell iron fist re-standardization without representation.

A 100% independent CFPA would not only seem to be the only way impartial standards enforcement could be attained – it *is* the only way. How badly reserve banks dislike this idea is a measure of how good and essential it is.

]]> By: Mega http://blogs.reuters.com/felix-salmon/2010/03/04/even-more-incentive-for-the-banks-to-kill-the-cfpa/comment-page-1/#comment-12441 Mega Fri, 05 Mar 2010 02:38:17 +0000 http://blogs.reuters.com/felix-salmon/?p=2837#comment-12441 A private CFPA is an intriguing idea, but wouldn't it be just a matter of time before it found itself sued for libel? A private CFPA is an intriguing idea, but wouldn’t it be just a matter of time before it found itself sued for libel?

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