On Saturday, The New York Post posted an article about the impact of President Trump’s drastic cutting of government regulations.
The article reports:
Last week, the White House finally wrested control of the mammoth regulatory agency following the resignation of CFPB Director Richard Cordray, an Obama appointee and liberal Democrat who quit his special five-year post early to run for Ohio governor. Trump installed his conservative budget director, Mick Mulvaney, to temporarily take over the powerful agency — which has the authority to determine the “fairness” of virtually every financial transaction in America.
On his first day on the job, Mulvaney instated a 30-day freeze on all new hiring and regulations at the CFPB, triggering a collective sigh of relief from the financial industry.
So what sort of activity has the CFPB been involved in?
The article reports:
- Bounced business owners and industry reps from secret meetings it’s held with Democrat operatives, radical civil-rights activists, trial lawyers and other “community advisers,” according to a report by the House Financial Services Committee.
- •Retained GMMB, the liberal advocacy group that created ads for the Obama and Hillary Clinton presidential campaigns, for more than $40 million, making the Democrat shop the sole recipient of CFPB’s advertising expenditure, Rubin says.
- •Met behind closed doors to craft financial regulatory policy with notorious bank shakedown groups who have taken hundreds of thousands of dollars in federal grant money to gin up housing and lending discrimination complaints, which in turn are fed back to CFPB, according to Investor’s Business Daily and Judicial Watch.
- •Funneled a large portion of the more than $5 billion in penalties collected from defendants to community organizers aligned with Democrats — “a slush fund by another name,” said a consultant who worked with CFPB on its Civil Penalty Fund and requested anonymity.
What’s more, CFPB has secretly assembled giant consumer databases that raise individual privacy as well as corporate liability concerns. One sweeps up personal credit card information and another compiles data on as many as 230 million mortgage applicants focusing on “race” and “ethnicity.” Yet another database of consumer complaints contains more than 900,000 grievances against named financial companies without any vetting to determine their merit, points out Alan Kaplinsky, lead regulatory compliance attorney at Ballard Spahr LLP.
Do we really want to use taxpayers’ money to continue to fund the CFPB? This agency is truly a threat to our existence as a viable constitutional republic.