CFPB digs deep into American's personal financial affairs

[single317dad]

What end would THAT be? Last time I checked, Blackberry OS was still the #3 smartphone OS in the US, and #1 OUTSIDE the US.

Don't get me wrong, I still love my Blackberry and won't switch until I'm forced to. But even I have to admit it's now an inferior platform in many ways, when it recently was far superior. They could still turn this ship around, but I don't think they will.

 

[StephenH]

Well, Bankruptcy is a "Public Record". I am not for this massive privacy invasion but I do welcome the CFPB for studying what actions by people and what actions by financial institutions, as in the terms they put in the contracts they have people sign for loans, credit cards, etc often lead to financial ruin. The blessing may be better terms for loans, credit cards, etc and more responsible marketing of them through regulation to reduce instances of financial ruin for consumers. Some of the terms could change, for example requiring financial institutions to stop raising rates, charging lots more fees, etc when a person is having difficulty paying due to a temporary bad situation such as a job layoff, illiness, sickness, disability, etc.

 

[tranquility]

Well, Bankruptcy is a "Public Record". I am not for this massive privacy invasion but I do welcome the CFPB for studying what actions by people and what actions by financial institutions, as in the terms they put in the contracts they have people sign for loans, credit cards, etc often lead to financial ruin. The blessing may be better terms for loans, credit cards, etc and

It is not possible for what you dream of to come to fruition. If "more responsible marketing of them through regulation to reduce instances of financial ruin for consumers. Some of the terms could change, for example requiring financial institutions to stop raising rates, charging lots more fees, etc when a person is having difficulty paying due to a temporary bad situation such as a job layoff, illiness, sickness, disability, etc." comes true, "better terms for loans, credit cards, etc" cannot happen.

Credit will become more expensive and less available to those with greater risk. Period. There is no other path. It is as a completely clear path as Obamacare will cause a rationing of care. There is no way to make things magically appear from nothing.