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President Donald Trump’s administration is urging Congress to reshape the Sen. Elizabeth Warren-crafted consumer finance agency before it can be used as a tool for “tyranny.”
“The [Consumer Financial Protection] Bureau is far too powerful, with precious little oversight of its activities,” CFPB acting director Mick Mulvaney said in a statement Monday. “The power wielded by the Director of the Bureau could all too easily be used to harm consumers, destroy businesses, or arbitrarily remake American financial markets.”
Mulvaney released a semi-annual report to Congress Monday, detailing the CFPB’s work between April and September 2017, when Obama appointee and current Ohio gubernatorial candidate Richard Cordray led the bureau.
Can anybody show some actual good that has come from the CFPB ?
The Obama administration’s massive shakedown of Big Banks over the mortgage crisis included unprecedented back-door funding for dozens of Democratic activist groups who were not even victims of the crisis.
At least three liberal nonprofit organizations the Justice Department approved to receive funds from multibillion-dollar mortgage settlements were instrumental in killing the ObamaCare repeal bill and are now lobbying against GOP tax reform, as well as efforts to rein in illegal immigration.
An estimated $640 million has been diverted into what critics say is an improper, if not unconstitutional, “slush fund” fed from government settlements with JPMorgan Chase and Co., Citigroup Inc. and Bank of America Corp., according to congressional sources.
The payola is potentially earmarked for third-party interest groups approved by the Justice Department and HUD without requiring any proof of how the funds will be spent. Many of the recipients so far are radical leftist organizations who solicited the settlement cash from the administration even though they were not parties to the lawsuits, records show.
Still, The Post has learned that the Consumer Financial Protection Bureau continues to force financial institutions it prosecutes to donate to third-party community organizers. More, penalties in such cases are deposited into the Bureau’s now-$170 million-plus Civil Penalty Fund, which has, in turn, channeled almost $30 million to “consumer advocacy” groups.
CFPB director Richard Cordray is an Obama holdover, whose special five-year term doesn’t expire until 2018.
The Independent Community Bankers of America, a national voice for more than 5,700 large and small banks, said it opposes the government practice of providing back-door funding to unrelated groups.
“ICBA believes the funds should go towards affected victims,” a spokeswoman for the banking trade association told The Post.
1. Fund the Bureau through Congressional appropriations;
2. Require legislative approval of major Bureau rules;
3. Ensure the Director answers to the President in the exercise of executive authority; and
4. Create an independent Inspector General for the Bureau.
originally posted by: 3NL1GHT3N3D1
a reply to: Mandroid7
Who told you that I like CFPB? I've never even heard of it and I'm guessing a lot of others hadn't either until reading this thread, but since Trump says it's bad that means it is!