Power Of Director Of CFPB “Really Should Frighten People”

December 1, 2017 – 10:53 am

Nothing like giving unelected bureaucrats massive power that is unchecked by the duly elected lawmakers

(The Hill) White House budget chief Mick Mulvaney said Thursday that the authority wielded by the Consumer Financial Protection Bureau (CFPB) chief “should frighten people” days after he assumed the role of acting director.

Mulvaney, who also serves as the director of Office of Management and Budget, said on Fox Business Network’s “Lou Dobbs Tonight” that the structure of the CFPB is “fundamentally flawed” and that his directive as its administrator would be to “limit” the agency’s effect on capitalism.

“The structure of the CFPB is just fundamentally flawed. Authority that I have now as the acting director really should frighten people,” Mulvaney said.

“You can sit down in a room with three or four people, and say, well, let’s go off and do this, and there is no accountability to Congress. I could set the budget pretty much without any input from Congress, in fact, without any input from Congress,” he added.

And the Democrats who designed this intentionally made it so. Remember, only two Republicans, Collins and Brown, voted for Dodd-Frank in the Senate. No Democrats voted against. In the House, 3 Republicans said yea, only 19 Democrats said no. So this was pretty much an utterly partisan piece of legislation. Of course, Democrats love the notion of another massive federal government agency which has virtually no controls placed upon it by anyone, especially those stupid citizens. Well, right up to it bones them personally.

It would be funny as hell if Trump and Mulvaney used to power of the CFPB to go full bore after Democrat party supporting companies, wouldn’t it? Teach them a lesson in “things can backfire badly”? From a hypothetical point of view, though.

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This entry was written by William Teach and posted on at 10:53 am and filed under Government. Bookmark the permalink. Follow any comments here with the RSS feed for this post.
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6 Responses to “Power Of Director Of CFPB “Really Should Frighten People””

  1. GhostRider2001 says:
    December 1, 2017 at 11:09 am

    Yet another government agency that shouldn’t exist wasting taxpayer dollars.

  2. Jeffery says:
    December 1, 2017 at 12:14 pm

    Since 2011 the CFPB has recorded 730,000 complaints and returned $12 BILLION to 29 million US consumers in either refunds or canceled debt. It’s a re-redistribution of monies the political donor class had taken from the working classes.

    Of course the GOP and corporatist Dems oppose holding the big banks, credit card companies, mortgage companies and college loan scams (like tRumps) responsible for their actions. These companies are major contributors to both the GOP and Dems.

    Will Dotard tRump and Little Mick Mulvaney “go after” the working classes as TEACH hopes? Most likely, yes.

    The GOP/tRump “tax hikes for the middle class/blue states bill” winding through the Senate’s bowels is proof enough of that. So when Dotard raises the taxes by thousands of dollars on middle class blue staters will he support transferring those newfound dollars to the poor red states?

    • Some Hillbilly in St Louis says:
      December 1, 2017 at 1:30 pm

      So cancelling debt that a person agreed to in a contract for services rendered is a good and laudable thing that our government should pay for through our tax dollars? You went to college, yes? Surely you had econ, macro & micro econ? The average citizen pays twice for this folly – wasted taxes on this dreck and higher costs from the corporations that get shook down. Moreover, there is no surer way to guarantee future bad decisions than to shield someone from the effects of their bad decisions.

    • gitarcarver says:
      December 1, 2017 at 1:36 pm

      Since 2011 the CFPB has recorded 730,000 complaints and returned $12 BILLION to 29 million US consumers in either refunds or canceled debt.

      Most people would say that cancelling a debt it returning money to anyone as no money exchanged hands.

      The actual total of monies “returned” is less roughly $4 billion.

      However, of that 4 billion, not a dime returned was not available through other means and legal actions.

      Even then, the claim that all monies went back to consumers is false. As this article explains:

      The CFPB director has total autonomy to levy fines on companies, determining the amount and the timing at his or her discretion, with no review baked into the process. That can lead to abuse. Indeed, it did just that when the agency charged auto dealers, whom they were explicitly barred from regulating under Dodd-Frank, hundreds of millions of dollars.

      The companies were accused of racial discrimination, even though they were not allowed to collect racial data and never did so. The CFPB determined the extent of the mythical racist wrongdoing based on people’s surname.

      The fines collected do not flow into the Treasury. Rather, they are accumulated into the Civil Penalty Fund, to be dispersed at the whim of the director. Aggrieved consumers may see some of that money, but only if the director says so.

      Otherwise, it may be paid out to favored organizations involved with financial literacy or consumer education, for instance.

      Leftists always like to promote the growth of regulations and government agencies under the guise of “protecting the little people.” Reality is a different than their view as more agencies and more regulations means more money out of the pockets of consumers and into government slush funds.

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