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CFPB opens door to complaints against P2P lenders

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Mortgage Professional America | 08 Mar 2016, 10:42 AM Agree 0
The CFPB is now accepting consumer complaints against online peer-to-peer lenders. The industry has come under fire before for its relatively high risk to investors
  • Mansur | | 08 Mar 2016, 11:53 AM Agree 0
    This is the only reason I support the Republican Party. The overreach of government in every aspect of people's lives takes away from personal responsibility and we give away some of our liberties when we do.
  • SBHarkness | | 08 Mar 2016, 12:21 PM Agree 0
    This is crazy! Government only needs to be as big as necessary to provide basic services. The CFPB is a prime example of BIG GOVERNMENT run AMOK. They are answerable to NOBODY.....not even Congress. This is the reason I am for Donald Trump. His is a self funded campaign. When elected President he will owe NO ONE any favors for campaign contributions and it has the rank and file Republicans scared to death. They are doing everything from comparing him to Hitler to attacking whether or not his hair is real.
  • apatrick | | 08 Mar 2016, 12:47 PM Agree 0
    Without the structure and protection of a well-regulated financial sector, the economy would likely crumble. We can argue about what shape that regulation takes and the extent of that regulation, but the knee jerk reaction that getting rid of all regulation is a good thing ignores the many lessons of history.
  • Tom | | 08 Mar 2016, 01:49 PM Agree 0
    CFPB may be too powerful, but they are tackling many of the issues none of the other regulators would. Bravo. Sadly, there have been too many people allowed to run amok while we the honest ones are at a competitive disadvantage because we play by the rules. CFPB was needed because there are too many dishonest people that have no ethics or integrity.
  • EveryDynastyFallsatSomeTime | | 08 Mar 2016, 02:05 PM Agree 0
    America is on it's last leg. This country doesn't care about your personal feelings. You will not benefit if Trump makes president. How long have you and your family lived in America, most likely all your life. You were an immigrant at some time in the past too., we all were. The rich only takes care of the rich. I'm sure under any president from Washington to Obama our current president your family haven't made no where near a million but your willing to back a guy who constantly provokes and brags about being a Billionaire. I don't see Bill Gates running for president and he is a True Billionaire, not this joke. Trump is all talk and nasty yet his wife is an immigrant. This is who you want to represent you. He has no political experience but yet he is willing to make fun of those who do. He hasn't mentioned one thing about his candidacy but building a WALL. No one really cares - The blacks don't care because they have been mentally beat down by the laws a long time ago. The whites only care because their laws are working against them and they have sold their position to Asia. The Asians do care but only because they can buy up all the ghetto areas very quietly...shhhh (especially since America gave them a special mortgage program for foreigners), Check the ghettos and see what I mean. The Hispanic/Mexicans don't want to be bothered because of immigration but they are a sleeping giant. The Turks, Persians, Armenians try and mind their own business to not be labeled as Terrorist. The Canadians only come this way to be Hollywood stars then travel back to Canada for non violence besides the JEWS run Hollywood and at the same time America stays poor and gutted. People come here to make money and take it back to their countries. I don't think that's what the forefathers had in mind when they established this nation. We keep the poor (Blacks, Whites, Hispanics etc...) in a funnel and fighting each other while the rich is laughing and living the high life. America's arrogance and greed for more money, not for your race, family or for this country will put us on the path to destruction. You are all right Trump is great for what America represents...Greed!
  • NoSpinJustFacts | | 09 Mar 2016, 05:08 PM Agree 0
    @Tom... The CFPB has not provided any more protection to consumers then existed prior to Dodd-Frank. The majority of the fines and penalties they have extracted do not go to harmed consumers - it is used to pay the staff their wages and bonuses along with the overhead for the fine digs of a facility the CFPB has had built for them.

    I have spoken on 3 separate occasions on 3 separate rules created by the CFPB that are anti-consumer. The responses by 2 of the CFPB's attorneys has been "2 bad for the consumer" and the 3rd attorney's "It is bad for the consumer; but, we are too big to make changes to our rules that are hurting consumers."

    The CFPB has put small lenders at a huge disadvantage to big lenders with their rules. This is impacting consumer choice. The consumers' biggest impediment to great service is their own greed. This occurs when they have a Pavlovian response to advertising versus seeking service provider through the referral of trust - where great service has been provided with an explanation of the risk/reward of the choices available.

    It is just silly to state the CFPB is going to change human behavior. The anti-consumer self-serving personality is alive inside the CFPB, or do you believe they are immune to these personalities when they have a bureau that is outside the balance of governmental powers between Executive and Congressional? Have you been following Director Cordray's going to industry trade events pitting one group against the other? He has lender's against their software vendors and lenders against their consultants & legal counsel. Insisting they are the source of lender pain with TRID.
  • sbharkness | | 10 Mar 2016, 01:38 PM Agree 1
    I don't think anyone is saying get ride of all regulation. That would be moving the pendulum to far in the other direction. However as it sits the pendulum is sitting way to far toward the sight of extreme regulation and penalties. There needs to be adequate protections to the consumer but at the same time not causing the same consumer increased costs, arduous conditions that border on ridiculous to the point many are chosen to rent rather than go through the ordeal that it takes to obtain a mortgage mortgage. Canada is able to do this in several days to a week. If they can do it so quickly why cant we? The answer is we can, but we need to get the CFPB under control of Congress at the very least, at present they are answerable to no one.
  • B | | 14 Mar 2016, 11:56 AM Agree 0
    APatrick,
    AMEN!!!!!!!
    BILL
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