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The Fiduciary aspects of Dodd-Frank are under review and remove by team Trump
This is the part where the investment agency MUST act in the best interest of the consumer
instead of the best interest of the firm

Dodd-Frank is a paper tiger.

Of course, I fully expect progressives who said it was a victory for Wall Street to now act like it's some great vanguard of the economy from Wall Street.

Dodd-Frank has many worse features than that one. As usual, Trump is trying to kill a mouse with an elephant gun.

Pwns wrote:Dodd-Frank is a paper tiger.

Of course, I fully expect progressives who said it was a victory for Wall Street to now act like it's some great vanguard of the economy from Wall Street.

Yeah, no it's not. Compliance with DF alone costs us (my credit union) hundreds of thousands of dollars a year.

AZGrizFan wrote:

Pwns wrote:Dodd-Frank is a paper tiger.

Of course, I fully expect progressives who said it was a victory for Wall Street to now act like it's some great vanguard of the economy from Wall Street.

Yeah, no it's not. Compliance with DF alone costs us (my credit union) hundreds of thousands of dollars a year.

Of course I meant for the actual banks that DF was supposed to regulate. I have payed attention to what you and 89Hen have said about this.

Pwns wrote:

AZGrizFan wrote:

Yeah, no it's not. Compliance with DF alone costs us (my credit union) hundreds of thousands of dollars a year.

Of course I meant for the actual banks that DF was supposed to regulate. I have payed attention to what you and 89Hen have said about this.

It's caused banks to hire more risk and compliance officers as well as lawyers. So...it's been good for the economy in that regard...I guess.

AZGrizFan wrote:

Pwns wrote:Dodd-Frank is a paper tiger.

Of course, I fully expect progressives who said it was a victory for Wall Street to now act like it's some great vanguard of the economy from Wall Street.

Yeah, no it's not. Compliance with DF alone costs us (my credit union) hundreds of thousands of dollars a year.

That's precisely what I was getting at. Roll back the useless regs, not broker-dealer standards.

2,300 pages with more than 22,000 pages of accompanying regulations. Way too long for anyone to read, written by lawyers, full of legalese, too difficult for non lawyers to understand. That's enough right there to tell you its a turd.

Sure ^ okay,
I'll accept all of your comments as experts right after you explain
Why the guy that made over a billion dollars off the 2009 crash - says Dodd Frank is actually good legislation

I can't quite balance the two out
I've got you experts here telling me it's awful legislation
and the billionaire who bet against the housing market telling me it's important legislation

Any thoughts..?
I’ve got a Trump University diploma to sell you...

I've always felt that if government would've stayed out of financial decisions instead of doing things like pressuring banks to give loans to people they wouldn't voluntarily give loans to the 2008 financial crisis would not have happened. But at the same time I find it interesting that an American public went all in on the anti bank bandwagon like that and now we have a President having a friggin' Goldman Sach's guy pulling his puppet strings to do this.

Trump himself has no clue. No idea as to what's going on.

JohnStOnge wrote:I've always felt that if government would've stayed out of financial decisions instead of doing things like pressuring banks to give loans to people they wouldn't voluntarily give loans to the 2008 financial crisis would not have happened.

Wrong. There are a number of causes but that's WAY down the list. Lenders liked the volume.

That

BDKJMU wrote:2,300 pages with more than 22,000 pages of accompanying regulations. Way too long for anyone to read, written by lawyers, full of legalese, too difficult for non lawyers to understand. That's enough right there to tell you its a turd.

Hey...we agree!

Looking forward to Trump's next EO that all laws much be 140 characters or less.

Skjellyfetti wrote:Looking forward to Trump's next EO that all laws much be 140 characters or less.

Jelly made a funny!

JohnStOnge wrote:I've always felt that if government would've stayed out of financial decisions instead of doing things like pressuring banks to give loans to people they wouldn't voluntarily give loans to the 2008 financial crisis would not have happened. But at the same time I find it interesting that an American public went all in on the anti bank bandwagon like that and now we have a President having a friggin' Goldman Sach's guy pulling his puppet strings to do this.

Trump himself has no clue. No idea as to what's going on.

Starting to believe you. He seems to be running a "my way or the highway" playbook. God help us.

I'll drop in for my one time a year to give the POV of a 30+ year veteran of the mortgage industry who co-owns a small firm that closed $70,000,000+ in residential loans last year.

DF did exactly what it was designed to do- make the big banks bigger and crush their smaller competitors under a sea of regulation. Too big to fail is no longer just a concept, it is now law. As AGF correctly stated the compliance costs both in real dollars and lost man hours are ungodly in the mortgage industry and I can assume the same dynamic exists in banking.

The biggest problem with DF and the one man rule at the CFPB for us is this: They never gave us any guidance. They completely changed everything about the industry and offered no guidance on policy and implementation. If you ever ask a regulator how to interpret and implement a policy the answer is, "Don't do anything you're not prepared to defend in court," so we're left in a perpetual guessing game with compliance which leads to fear, overreaction, inefficient policy and workflow, and no consistency in the industry.

The truth is that we as an industry did a very poor job of self regulation leading up to the fall of Bear Stearns (which kicked the bubble popping off) and things needed to be fixed, but as Ivy stated above they killed a rat with an elephant gun.

DF needs to be re-written and Cordray needs to be fired stat in favor of a non partisan commission. Just look at the CFPB ruling on arbitration on consumer debt that is currently in the comments stage, how on God's green earth does that benefit anybody but the trial lawyers, who Cordray will lean heavily on when he runs for governor of Ohio next year?

Oh, one other thing... the crash in the RE market at least here in Central FL wasn't entirely due to bad mortgages or even unemployment. I'll bet somewhere between a third and a half of all defaults were strategic, where people saw themselves upside down and just gave the house back to the bank or short sold- particularly condos. If you short sold a home in 2009 there is ZERO consequence credit wise today, both in terms of affecting credit score and from an eligibility standpoint for new financing. Yes, bad loans hurt a lot of people, but a lot of people just walked away and blamed somebody else... after all, blaming somebody else is the new american way.

EDIT to add... Check out the lawsuits surrounding PHH vs. CFPB and Quicken Loans vs. CFPB as well as the arbitration ruling mentioned above, they'll tell you everything you need to know about DF and the CFPB and why they both need to be blown up and redone.

Thank you Blue... ^
Much appreciated

The CFPB is in the business of generating revenue for the federal government. Banks (and now larger credit unions) are actually budgeting for fines. They don't know WHAT they'll be fined for (the "no guidance" thing BB discussed above), but they know it'll be SOMETHING. CFPB parked TWENTY examiners at Navy Federal CU for MONTHS. told the CEO "we're not leaving here until we find something. Four months later, they still hadn't found anything...he was pretty proud of that. Finally, in month SIX, they found some BS thing and fined NFCU $23 MILLION dollars. And there's no arbitration panel or way to oppose the fine. It's purely a revenue generating arm of the federal government.

JohnStOnge wrote:I've always felt that if government would've stayed out of financial decisions instead of doing things like pressuring banks to give loans to people they wouldn't voluntarily give loans to the 2008 financial crisis would not have happened. But at the same time I find it interesting that an American public went all in on the anti bank bandwagon like that and now we have a President having a friggin' Goldman Sach's guy pulling his puppet strings to do this.

Trump himself has no clue. No idea as to what's going on.

Bullshit.

He knows he's going to take 20% off the top of the of Exxon/Putin oil deal.

...a tidy little profit indeed....

AZGrizFan wrote:The CFPB is in the business of generating revenue for the federal government. Banks (and now larger credit unions) are actually budgeting for fines. They don't know WHAT they'll be fined for (the "no guidance" thing BB discussed above), but they know it'll be SOMETHING. CFPB parked TWENTY examiners at Navy Federal CU for MONTHS. told the CEO "we're not leaving here until we find something. Four months later, they still hadn't found anything...he was pretty proud of that. Finally, in month SIX, they found some BS thing and fined NFCU $23 MILLION dollars. And there's no arbitration panel or way to oppose the fine. It's purely a revenue generating arm of the federal government.

The real books?

AZGrizFan wrote:The CFPB is in the business of generating revenue for the federal government. Banks (and now larger credit unions) are actually budgeting for fines. They don't know WHAT they'll be fined for (the "no guidance" thing BB discussed above), but they know it'll be SOMETHING. CFPB parked TWENTY examiners at Navy Federal CU for MONTHS. told the CEO "we're not leaving here until we find something. Four months later, they still hadn't found anything...he was pretty proud of that. Finally, in month SIX, they found some BS thing and fined NFCU $23 MILLION dollars. And there's no arbitration panel or way to oppose the fine. It's purely a revenue generating arm of the federal government.

Having gone through State of Washington Department of Revenue and Employment Security audits it's nearly impossible to be 100% compliant with any set of regulations. The D o R auditor told me that the state literally employs in house, full time auditors in larger companies like Microsoft to help with compliance.

I had a guy from Paychex pimping me their regulatory compliance package a few years back. For $1400/month they could practically guarantee OSHA and L&I compliance and it was only a matter of time before I'd get a call as Obama and the State had been sending out examiners to small businesses everywhere.

Thankfully still haven't seen them yet, but I did create work place safety and employee manuals and started documenting meetings just to be on the safe side.

The regulators themselves don't know half the rules but they can bet on the fact that a small under-resourced business ain't compliant. The auditor does a day's worth of investigating and meeting with the manager and the it's pretty much a shake down. "We could fine you $50,000 for all these infractions, but I'll tell you what...we're willing to settle for $2500 if you are."

That's what happened during our last audit.

kalm wrote:

AZGrizFan wrote:The CFPB is in the business of generating revenue for the federal government. Banks (and now larger credit unions) are actually budgeting for fines. They don't know WHAT they'll be fined for (the "no guidance" thing BB discussed above), but they know it'll be SOMETHING. CFPB parked TWENTY examiners at Navy Federal CU for MONTHS. told the CEO "we're not leaving here until we find something. Four months later, they still hadn't found anything...he was pretty proud of that. Finally, in month SIX, they found some BS thing and fined NFCU $23 MILLION dollars. And there's no arbitration panel or way to oppose the fine. It's purely a revenue generating arm of the federal government.

Having gone through State of Washington Department of Revenue and Employment Security audits it's nearly impossible to be 100% compliant with any set of regulations. The D o R auditor told me that the state literally employs in house, full time auditors in larger companies like Microsoft to help with compliance.

I had a guy from Paychex pimping me their regulatory compliance package a few years back. For $1400/month they could practically guarantee OSHA and L&I compliance and it was only a matter of time before I'd get a call as Obama and the State had been sending out examiners to small businesses everywhere.

Thankfully still haven't seen them yet, but I did create work place safety and employee manuals and started documenting meetings just to be on the safe side.

The regulators themselves don't know half the rules but they can bet on the fact that a small under-resourced business ain't compliant. The auditor does a day's worth of investigating and meeting with the manager and the it's pretty much a shake down. "We could fine you $50,000 for all these infractions, but I'll tell you what...we're willing to settle for $2500 if you are."

That's what happened during our last audit.

CAA Flagship wrote:

kalm wrote:
Having gone through State of Washington Department of Revenue and Employment Security audits it's nearly impossible to be 100% compliant with any set of regulations. The D o R auditor told me that the state literally employs in house, full time auditors in larger companies like Microsoft to help with compliance.

I had a guy from Paychex pimping me their regulatory compliance package a few years back. For $1400/month they could practically guarantee OSHA and L&I compliance and it was only a matter of time before I'd get a call as Obama and the State had been sending out examiners to small businesses everywhere.

Thankfully still haven't seen them yet, but I did create work place safety and employee manuals and started documenting meetings just to be on the safe side.

The regulators themselves don't know half the rules but they can bet on the fact that a small under-resourced business ain't compliant. The auditor does a day's worth of investigating and meeting with the manager and the it's pretty much a shake down. "We could fine you $50,000 for all these infractions, but I'll tell you what...we're willing to settle for $2500 if you are."

That's what happened during our last audit.

I haven't seen OSHA or L&I...yet.

blueballs wrote: Oh, one other thing... the crash in the RE market at least here in Central FL wasn't entirely due to bad mortgages or even unemployment. I'll bet somewhere between a third and a half of all defaults were strategic, where people saw themselves upside down and just gave the house back to the bank or short sold- particularly condos. If you short sold a home in 2009 there is ZERO consequence credit wise today, both in terms of affecting credit score and from an eligibility standpoint for new financing. Yes, bad loans hurt a lot of people, but a lot of people just walked away and blamed somebody else... after all, blaming somebody else is the new american way.

I never understood why anyone would try to stay in their underwater house following the crash for the exact reason above...Wall Street had no consequences from walking from debt, so fuck it, why should Main Street?

kalm wrote: Having gone through State of Washington Department of Revenue and Employment Security audits it's nearly impossible to be 100% compliant with any set of regulations. The D o R auditor told me that the state literally employs in house, full time auditors in larger companies like Microsoft to help with compliance.

I had a guy from Paychex pimping me their regulatory compliance package a few years back. For $1400/month they could practically guarantee OSHA and L&I compliance and it was only a matter of time before I'd get a call as Obama and the State had been sending out examiners to small businesses everywhere.

Thankfully still haven't seen them yet, but I did create work place safety and employee manuals and started documenting meetings just to be on the safe side.

The regulators themselves don't know half the rules but they can bet on the fact that a small under-resourced business ain't compliant. The auditor does a day's worth of investigating and meeting with the manager and the it's pretty much a shake down. "We could fine you $50,000 for all these infractions, but I'll tell you what...we're willing to settle for $2500 if you are."

That's what happened during our last audit.

That's pretty much true in most states. Auditors in GA are running full time audits at places like Coke, UPS, Gulfstream, etc.

Like every state, Georgia doesn't charge sales taxes on products companies buy that they use in the manufacturing process of an item. Gulfstream pays sales taxes on EVERYTHING they buy on purpose. The statute of limitations is 3 years for credits. You have 3 years to claim a credit or you lose it. This year Gulfstream will request a refund for the taxes they paid on the products they bought in 2014. They will get a refund for those taxes and we will pay them 12% APR on the over payment of those taxes.

For example, if Gulfstream overpaid $10,000,000 in taxes for calendar year 2014, the state of Georgia will write them a refund check for somewhere in the neighborhood of $13,600,000.