The Consumer Financial Protection Bureau, a rogue unaccountable Obama agency, is the federal “watchdog” created to forbid “unfair, deceptive, or abusive” financial practices as part of the Dodd-Frank Act. Sound good? It isn’t because it is also a rogue government unto itself, operating independently of any accountability or supervision by the President or Congress.
The former president set it up so that no future president can ever stop the CFRB and fire his appointed director, Democrat Richard Cordray. The agency operates illegally and acts illegally.
It’s ridiculous and needs to be stopped.
This rogue bureaucracy is financing itself without limit. Currently, it is using IRS refunds to solicit personal financial information.
The CFRB has been sending out solicitations for personal financial information and stories with official IRS correspondence, including refund letters and checks.
What is worse is the Government Accountability Office found that the CFPB spent a higher percentage of its budget on public relations activities than any other federal entity examined, except for the Peace Corps.
It wastes our money without oversight, gets your personal financial information under rather deceptive circumstances, and then advertises itself with tax dollars.
Several U.S. senators have sent a letter to Treasury Secretary Steve Mnunchin expressing their concerns.
The head of the rogue agency was appointed illegally according to the Supreme Court.
President Barack Obama abused his powers on January 4, 2012, when he granted a recess appointment to Richard Cordray to head the Consumer Financial Bureau (CFPB). It tipped the scales far-left and for 18 months, Cordray, issued dozens of significant decisions. At the time, he was merely a private citizen.
Judge Ellen Huvelle, in State National Bank of Big Springs v. Lew waved a magic wand when the case came before her and approved all of Cordray’s unauthorized acts for those 18 months.
The Constitution has explicit limitations on the President’s appointment powers but this ruling eviscerated that.
The Supreme Court disapproved President Obama’s efforts in NLRB v. Noel Canning, ruling unanimously that the recess appointments were unauthorized because the Senate remained in session on that date.
Once-approved for the position, Cordray just decided to rubber-stamp every illicit action he took for 18 months instead of going through the accepted process. He insisted it was legal.
The entire agency needs to be wiped out or revamped. Democrat, senatorial hopeful and partisan leftist, Richard Cordray needs to be fired.