Surprised to not see anything about this on here yet, but the whole sector took beating today because the Consumer Financial Protection Bureau announced it is investing the buy now pay later sector, more specially, Affirm, Afterpay, Klarna, PayPal and Zip.
>The Consumer Financial Protection Bureau said Thursday it is opening an inquiry into popular “buy now, pay later” programs.
>The financial watchdog said it is particularly concerned about how BNPL impacts consumer debt accumulation, as well as what consumer protection laws apply and how the payment providers harvest data.
>“Buy now, pay later is the new version of the old layaway plan, but with modern, faster twists where the consumer gets the product immediately but gets the debt immediately, too,” CFPB Director Rohit Chopra said in a statement.
https://www.cnbc.com/2021/12/16/consumer-watchdog-takes-aim-at-buy-now-pay-later-programs.html
Are people buying the dip or are you waiting to see what comes from this? Personally I own Visa and Mastercard and have been weary of the whole BNPL sector.
https://preview.redd.it/b5c8f5tlok581.jpg?width=482&format=pjpg&auto=webp&s=2600362e4275c83c4f9c5ab302e8796e9c6f33d6
Hi all. I'm super interested in how the CFPB came to be, but most of the information I find about it starts with it's passage, or just before.
I'm looking for information about it's planning, drafts, frameworks, ect. I'm looking for nitty gritty details about how this organization went from an Idea in Liz's head to a document at Harvard, to a full organization.
This is the closest I've found so far: https://democracyjournal.org/magazine/5/unsafe-at-any-rate/
Shame that I had to go to such lengths, but support has ignored me for days, and it's not like I'm simply going to give up after they stole my money.
https://www.consumerfinance.gov/complaint/
Coinbase is a fraudulent enterprise.
As someone who grew up during the housing/financial crisis, I've always been interested in issues of finance and economics and how they affect our governance and our lives. I'm also lucky enough to have lived in Massachusetts, where I was represented by (and had the chance to volunteer for) Senator Elizabeth Warren, who was instrumental in creating the CFPB. I'm convinced that many people in the financial sector will commit fraud to make themselves money if they can get away with it; this was pretty clear in the last crisis when we look at the people originating terrible mortgages, slicing them up into CDO's, and selling them to others as triple-A, investment grade securities. In the aftermath of the crisis, the CFPB was created not only to institute stricter regulations, but to better enforce the regulations we already had. By 2017, the Bureau had awarded "nearly $12 billion for 29 million consumers in refunds and cancelled debts." While it was significantly weakened in many ways during Mick Mulvaney's tenure under the Trump administration, I believe that the financial sector, which in many ways is the most powerful industry in America, needs to be regulated appropriately, and that the CFPB can play a positive role in making sure banks are not screwing over their customers. Do you agree with the CFPB's mission? If you were to change it however you like, what changes would you make?
I've already filed Cases with Coinbase and Complaints with Coinbase. I have gotten no responses back from Coinbase for any support or help to either current Case or Complaint. This is much like others are experiencing.
While still in the process of not receiving a response to any of my complaints from Coinbase, does anyone suggest filing additional complaints to the following:
- Securities and Exchange Commission (SEC)?
- Consumer Financial Protection Bureau (CFPB)?
- Are there any other places where one should consider filing complaints against Coinbase?
Question:
From a strategic point of view, does anyone advise if the filing to the SEC or CFPB should be done after Coinbase still provides no help after responding to their own Coinbase Complaint? Or, is it advisable to just go ahead now and file with the SEC and CFPB instead of waiting around for Coinbase to take any action?
I've already waited for Coinbase to respond to my Case. They have not done so in a timely manner. I have never gotten a single answer to anything. Because of this, I have filed a Complaint against Coinbase using their process of doing it.
I am of the mindset that if I had to take the next step of filing a complaint to Coinbase, that I may as well start filing complaints to the SEC and CFPB immediately. Why should I wait around for Coinbase to take action when they are good at demonstrating their nonaction?
Or, does anyone advise that I should instead wait until after Coinbase fails to resolve my Coinbase Complaint?
I tend to think if Coinbase is giving everyone issues, we all may as well let the SEC and CFPB know right away. Then let them sort it out. But, what do others have to say?
Article - https://www.foxbusiness.com/personal-finance/texas-mortgage-firms-hundreds-of-thousands-of-duplicate-payments-gets-attention-of-consumer-watchdog
Another Reddit post with details - https://www.reddit.com/r/personalfinance/comments/mxkmb7/extra_mortgage_payment_deducted_from_chase_bank/?utm_medium=android_app&utm_source=share
My Chase checking account was overdrafted 8x my monthly mortgage payment last Sat. I tried to call Mr Cooper twice and never got through. I blocked the payment with Chase on Sat (via a Stop payment). Sat afternoon Chase put equivalent value positive transactions in my account. It looked like I was back to normal. Yesterday (Tuesday morning) the stop payments enacted and I then had a positive balance extremely higher of 8x my mortgage payment in my checking account. Chase then created the negative transactions again to get my account back to normal (on Tuesday).
Overall a very frustrating saga that has tarnished my trust of Mr Cooper and Chase bank. My money is back/normal, my trust is severely damaged.
Edit: CFPB statement https://www.consumerfinance.gov/about-us/newsroom/statement-by-cfpb-acting-director-dave-uejio-on-mr-cooper-unauthorized-withdrawals/
Because of the constantly changing date with no explanation of when my account will be accessible I have begun the initial step of filing a complaint with the Consumer Financial Protection Bureau in order to ensure what is mine will be returned.
They ask that one final attempt be made to receive an adequate explanation of delays before filing and this is that attempt.
