The Consumer Financial Protection Bureau, or CFPB, a rogue consumer watchdog agency, was gutted by then-President Donald Trump. Biden will bring it back and weaponize it to fight so-called racism.
It was conceived by Elizabeth Warren, a socialist.
According to NBC News: Democratic lawmakers, consumer finance experts, and former CFPB employees say the groundwork is being laid for it to re-emerge as the aggressive enforcement entity it was originally envisioned to be, at a time when millions of Americans face unprecedented financial hurdles resulting from the pandemic.
The article continues: The stakes are high for President Joe Biden, too: His administration has pinpointed the agency as a key weapon in his arsenal to address racial disparities in access to loans, capital, and credit, part of major campaign promises to Black Americans and other people of color who have also been disproportionately affected by the Covid-19 crisis.
In other words, if companies don’t adhere to the narrative and do as the government mandates in giving out loans to people who can’t afford them, they will be penalized by the ‘watchdog.’
It’s another power grab. This Elizabeth Warren creation will be a tool by which companies will be controlled by the government.
CFPB, a Rogue Government
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.
It is also a rogue government unto itself, operating independently of any accountability or supervision by the President or Congress. It even has its own financing and Congress has no say over it. They can spend endlessly without any controls, using the taxpayer dollar.
This rogue bureaucracy financed itself without limit in 2017. It used IRS refunds to solicit personal financial information.
The CFRB sent 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 wasted taxpayer money without oversight. The rogue agency also got Americans’ personal financial information under rather deceptive circumstances. And it promoted itself with tax dollars.
Several U.S. senators have sent a letter to Treasury Secretary Steve Munchin expressing their concerns at the time. That’s why it was gutted.
It’s the kind of thing you see in a communist nation.