I vote we chop the IRS and have a fair tax

I think it did good at the get-go, but some of their regulations now (like title companies can't sponsor events) make no sense.  Like with most things in the federal government, we could do a lot better and be a lot better off with 25% or less of what we have now.

As a closing agent, very few borrowers understood the old Truth in Lending Disclosure.  The new Buyer Closing Disclosure didn't really make things a whole lot clearer.  In my opinion the CFPB did not help or hurt, although I have a few lender friends who said it made their job more difficult.

I think the biggest benefit of the CFPB is for consumers in banking and credit transactions.  I would like to see those protections stay, even if the agency goes away.

You have some good responses here, Fred. 

Less Gov-mint, the better. 

Chop. Chop. Chop. 

I think most government agencies need to be combined and streamlined.  

I believe the organization was created to protect the consumer - no doubt. Like many other organizations, they become too big for their britches and truly overpowering, over-reaching and simply out of touch with reality. 

I feel like the lenders in our group will have a much more in-depth take on it than me though!

They did establish the NMLS mortgage licensing also under Dodd-Frank.  I hope we don't get into another mortgage mess--I've lived through the S&L failures and also the mortgage meltdown.  I truly don't want to see another one.

I hate to say that I am ignorant one the subject Fred Griffin Florida Real Estate but I am all for streamlining government and eliminating duplication of agency responsibilities.

Creating efficiency in government does not mean the government will cease protecting the consumer, just that they will do it more efficiently.

Any bloat is likely not great.  Losing it requires a thoughtful process.  

I think it's regulatory overreach and besides, the CFPD has no accountability and no oversight with our tax dollars. In my opinion, best to ✂️ it.

Well depends on how you felt about it when it was created. Some loved it, others not so much. I was pretty much luke warm on the whole subject as we really had no other choice, did we?

Apparently every agency is on the chopping block.

I don't think anyone will miss the CFPB is it goes away. I think it was overkill from the beginning.

I feel if sellers have to disclose and be more transparent in a transaction, then the lenders should be too. Is it good, who knows. Is it bad, who knows. But I do tend to believe it is for the better it is there than not there. It supposedly returned around $20,000,000,000 to American consumers/borrowers, so is that good?
If Elon gets rid of a few more agencies then $400,000,000 should get freed up to receive the Armored Cybertruck contract the State Dept has a line item for.

Ah, the Consumer Financial Protection Bureau (CFPB)—that institution folks either love to love or love to hate. And judging by your reaction, you’re probably somewhere in the middle of a rowboat, just trying to paddle your way through the murky waters of consumer protection without sinking into the politics surrounding it. Don’t worry; I’ll keep the political campfire stories to a minimum!

So, has the CFPB been good for the real estate industry? Well, that’s like asking if pineapple belongs on pizza (which I like!). It really depends on who you ask! 

On one hand, they swooped in like a superhero in a cape (if your superhero is a bunch of paper-pushing bureaucrats) after the 2008 financial crisis, trying to clean up the mess left by those lenders who partied a little too hard on risky mortgages. The good news? They’ve pushed for transparency and pretty much replaced the old HUD-1 form with the new Closing Disclosure (CD) form. Say goodbye to confusing legalese and hello to a simpler, clearer way to understand what you’re signing your life away for. But let’s be real, you’re not exactly going to hang the CD form on your wall, right

Now, if you’re not exactly a CFPB fan—placing them on the same pedestal as OSHA and the IRS—you might not see the benefits as clearly. Sure, they’ve worked to protect consumers, but it’s enough to make you roll your eyes and ask, “What have you done for me lately?” You raise a completely valid point, especially if you're someone used to navigating the wild west of real estate without all this additional oversight.

On to your other question: What happens if the CFPB disappears into the black hole of governmental budget cuts? Will the public be hurt? Well, not to be dramatic, but it could get a bit hairy. Without the CFPB’s watchful eye, consumers might find themselves back at the mercy of various lenders and their small print. That’s a recipe for confusion and, dare I say, financial mischief! With no one to hold lenders accountable, we might see a resurgence of shady practices that many folks thought were long gone. 

So, while you might not be giving the CFPB a standing ovation anytime soon (and who would?), it's hard to ignore that they brought some order to a chaotic system. At the very least, they’ve kept the “buyer beware” mentality from swinging too far into “buyer, good luck, you’re on your own.” It’s a tough balancing act, and it sounds like you're not exactly on the CFPB bandwagon, but hey, everyone’s got their preferences. 

In the end, the future of the CFPB might be uncertain, but one thing’s for sure: the talk around it is only just heating up. So grab your popcorn, sit back, and let’s see how this drama unfolds! And remember, you can always airdrop a little more humor into the conversation. It’s considerably easier than making sense of all the financial jargon!

I think these things are under review. Whether the public will be hurt is yet to be seen since we don't know what will be scuttled or what will remain.

To be honest,  I'd forgotten all about the CFPB. Not sure it did anything for anyone. But I could be wrong.

My observation, it was created with good intentions but also note the axiom "the road to Hades  is paved with good intentions".  No accountability or oversight led to assumed authority and regulatory power not provided in its creation.  The result? Needless and burdensome requirements on business, resulting in higher costs to consumers with no added benefit. Good riddance.

My opinion is that it was a government overreaction.

I firmly believe that many people are not intelligent/ realistic enough to purchase real estate or take out big loans. Unpopular though it may be, we all got to choose whether we took those adjustables out, juice out our homes equity or sign those ham sandwich loans. One of the reasons I love real estate is because I like to gamble. LOL real estate is legalized gambling but there is no way to eliminate risk.

Don't know is my answer to your decent question. Saying that, I will have to take the side/opinion of honest, trustworthy & savvy 3rd party input/feedback Fred. WORTHY NOTE: Fred Griffin Florida Real Estate ...decent caveat in his question so that ARMS does not get up in ARMS. Good job

My problem with the CFBP is they have subjectively used the banking industry as a piggybank they can dip into again and again.

Wells Fargo abusing consumers?  Ok, we won't shut them down, we'll just fine them, a few million here, a few more million here...

It's inconsistent, and some of the fines don't match the crimes...while some crimes have just been ignored altogether.  Seems like the CFPB has been interested in appearances and only enforces on big money grabs.

Personally, glad to see them go -- now if we can just scrap most of Dodd-Frank we'd get back to a normally functioning mortgage market.

Probably.

When I was a fresh military spouse and at my first duty station, I was in shock about the multitude of payday loan scams targeting the military community. I had never known such scams in Europe. The CFPB has - among many other things - helped protect the military community from financial exploitation. Can bureaucracy get out of hand? Sure, as a German I know all about that. However, streamlining and eliminating are two very different things. The CFPB has cost the taxpayers a fraction of the billions they have been able to return to consumers. By limiting predatory practices especially geared toward young people and the military community, they are less likely to find themselves in impossible financial messes which makes homeownership also less likely. The CFPB reduced 7.7 billion in consumer debt. Less consumer debt, more Real Estate purchasing power. So, yes, in my humble opinion, the CFPB has been very beneficial to consumers and the Real Estate industry. Its elimination and the resulting lack of oversight and enforcement could bring about a rebirth of predatory lending practices, and worse.

my general feeling is that less is more.  You are not going to succeed in making everyone happy.  Buyer beware has always been the motto of the day.  

If you visit their web site, They have a road map for buying a home.  it does not mention anything about working with an experienced Realtor.  Interesting...