The CFPB or Consumer Financial Protection Bureau was the only thing standing between the consumers and Big Bank rip-offs. . . and now it’s gone! You can thank Elon and Donald for that!
Executive Producers Don Caron and Jerry Pender
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LYRICS for IN THE DEAD OF NIGHT
by Don Caron
Windows blocked out so no one can see
as a MuskRat sports a borrowed badge
And studies Elon’s recipe on how to cadge [Verse 2] Once the Bureau’s safely gone
The stage is set for an historic con
The CFPB will meet its doom
In a basement dark, a hollowed room [Chorus] “It’s a blessing for buyers”
He’ll say to draw you in
Just a Crook weaving a story
so you’ll think you’re gonna win
Then tearing down protections
and essential oversight
So they no longer have to work in the dead of night [Verse 3] The biggest bankers grin
Their teeth all shining gold
Their loopholes growing larger
Their hearts just growing cold
They bow down and pay tribute to their shining armor Knight
Elon Musk, the Country’s Parasite [Verse 4] The Bureau saved the voters
over 20 billion bucks
Calling out the scams
The big banks think that sucks
So Elon says, “The Bureau is Big
Government at play”
‘Cause he has plans and they’ll be in his way [Chorus] “It’s a blessing for buyers”
He’ll say to draw you in
Just a Crook weaving a story so you’ll think you’re gonna win
Then tearing down protections and essential oversight
So they no longer have to work in the dead of night
ABOUT THE CFPB
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. CFPB’s jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, for-profit colleges, and other financial companies operating in the United States. Since its founding, the CFPB has used technology tools to monitor how financial entities used social media and algorithms to target consumers.
The agency was originally proposed in 2007 by Elizabeth Warren while she was a law professor. The CFPB’s creation was authorized by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession and is an independent bureau within the Federal Reserve.
Throughout its existence, the Bureau has been persistently targeted by Republican politicians and the financial industry. The CFPB’s status as an independent agency has been subject to many challenges in court. In June 2020, the United States Supreme Court ruled that the president can remove the director without cause but allowed the agency to remain in operation. In 2024 the Supreme Court affirmed the constitutionality of the CFPB funding mechanism prescribed by Congress. Donald Trump, at the outset of his second presidential term, appointed an acting director, Russell Vought who immediately ordered the Bureau to stop regulatory activity.
The CFPB writes and enforces rules for financial institutions, examines both bank and non-bank financial institutions, monitors and reports on markets, as well as collects and tracks consumer complaints.
The CFPB opened its website in early February 2011 to accept suggestions from consumers via YouTube, Twitter, and its own website interface. According to the United States Treasury Department, the bureau is tasked with the responsibility to “promote fairness and transparency for mortgages, credit cards, and other consumer financial products and services”. According to its web site, the CFPB’s “central mission…is to make markets for consumer financial products and services work for Americans—whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products”.] In 2016 alone most of the hundreds and thousands of consumer complaints about their financial services—including banks and credit card issuers—were received and compiled by CFPB and are publicly available on a federal government database.
Once a financial institution acquireD $10 billion in assets, it fELL under the guidance, rules, and regulations under the CFPB. The bank WOULD then be known as a CFPB regulated bank. The CFPB WOULD examine the institution for compliance with bank regulatory laws.