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‘Definition Of Tyranny:’ Mulvaney Asks Congress To Fix Liz Warren’s Agency

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posted on Apr, 2 2018 @ 09:00 PM
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The famous agency called "The Consumer Financial Protection Bureau" spawned from the Dodd-Frank law is supposed to be protecting consumers from money fraud and such things.

U.S. Senator Elizabeth Warren apparently had a lot to do with the massive authority the CFPB exercises.

The head resigned last year and Trump has somebody picking it apart.

The CFPB has unprecedented power and many think it is way too much.

They seem to go after the wrong things while actually protecting the banks that talk people into that crazy "overdraft" clause that lets them charge usury rates for short term loans on overdrawn accounts.

A law passed some years back stopped banks from the "automatic" enrollment in the scam, and made it "voluntary".

Well big clucking deal.

Can anybody show some actual good that has come from the CFPB ?

‘Definition Of Tyranny:’ Mulvaney Asks Congress To Fix Liz Warren’s Agency

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.



The Big Rook ...
FAQ: What is the Overdraft Protection Law and How Do Overdraft Fees Work?

🤤




posted on Apr, 2 2018 @ 09:16 PM
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Can anybody show some actual good that has come from the CFPB ?


I have a feeling you'd say this about anything if Trump and his team put their stamp of approval on it. Just following the pied piper.

edit on 4/2/2018 by 3NL1GHT3N3D1 because: (no reason given)



posted on Apr, 2 2018 @ 10:14 PM
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a reply to: xuenchen

We have done a couple of threads on this "money funnel" agency.

This is nothing but a slush fund. This whole scam of an organization is a Government front to levy fines and funnel the money directly to Left wing activist groups. 640 million bucks that is being diverted to left wing organizations.


nypost.com...




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.




So, this "agency" levies "fines" that "make their way" to left wing activist groups.



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.



Imagine for a second if the Republicans created a Regulatory organization that levied fines against businesses / banks and then funneled the money directly to organizations like the Heritage foundation, Pioneer Institute, and Right to Life Organizations. That is what is happening with this so called regulatory body.
edit on 2-4-2018 by infolurker because: (no reason given)



posted on Apr, 2 2018 @ 10:19 PM
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a reply to: 3NL1GHT3N3D1

Yeah, but we ALL knew you would be on the other side.

So enlightening. Try thinking outside of hurtis buttis Trumpis

LOL



posted on Apr, 2 2018 @ 10:31 PM
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Here is what Mulvany is asking of Congress from OP's source


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.


The man has too much power without oversight or regulation. I read in an earlier article, which I am unable to find at the moment, that the CFPB was funded by the Fed, thus the request for funding by Congressional appropriations.

Anyone unable to understand the conflict of interest here is....well, you figure it out.



posted on Apr, 3 2018 @ 02:37 AM
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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!
edit on 4/3/2018 by 3NL1GHT3N3D1 because: (no reason given)



posted on Apr, 3 2018 @ 10:41 AM
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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!


The fact you haven't heard of it shows that you are woefully uninformed as to what is going on in the political arena as it pertains to economic issues. It isn't a slam against you, but I'd venture 75% of the populace is in the same boat.

This organization has raised costs for consumers across the board and they have very little to show for their efforts.




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