No Wonder Richard Cordray Wanted To Choose His Successor!

The Gateway Pundit is reporting today that a whistleblower within the Consumer Financial Protection Bureau (CFPB) has come forward. According to her statement, falsified information was used against certain businesses, and then the money obtained by fines was funneled into left-wing groups.

The article reports:

In a letter to Attorney General Jeff Sessions, former CFPB staffer Cassandra Jackson, accused the agency’s managers of “widespread racism and gender discrimination.” Jackson also accused the agency of forcing her to falsify evidence to justify fines against a pay-day lender. 

…“I was specifically told to cite Ace Cash Express for a violation for which I had verified the company was in compliance and to state that Ace Cash Express did not provide, and that the CFPB did not receive, documents that would have satisfied the CFPB’s guidelines, despite having received that information from Ace Cash Express,” Jackson wrote to Sessions.

“I encourage you to initiate an investigation into this matter, as well as civil rights violations at the Consumer Financial Protection Bureau,” Jackson said. “During my nearly five years at the Bureau, I encountered widespread racism and gender discrimination from management,” added Jackson.

The article concludes:

Everything from amassing secret ledgers to using penalties to ‘launder,’ funds into left-wing causes. Of course, because the CFPB operates independently of the U.S. Government, a full audit of the agency’s balance sheet have never been done. This sad reality may very well change under Mulvaney’s leadership.

The agency “Funnelled 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.”

Advocacy group, The U.S. Consumer Coalition, was the source of Jackson’s damning letter.

“Ms. Jackson is a dedicated public servant who believes in the mission of the CFPB,” said Brian J. Wise, president of the U.S. Consumer Coalition. “Unfortunately, her claims are all too familiar to the dedicated employees serving under the direction of CFPB management,” wrote a spokesperson for the organization.

Does anyone believe that had Richard Cordray been able to name the agency’s deputy director, Leandra English, to succeed him that any of these practices would have changed. Now because President Trump has appointed Mick Mulvaney, currently the White House budget director, as interim director of the CFPB, there is a chance that some of the questionable (if not illegal) practices of the CFPB will end. The CFPB is part of the swamp that needs to be drained.

How The Consumer Financial Protection Bureau Was Misused For Political Purposes

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.

 

 

More Rules For Thee But Not For Me

Breitbart.com reported yesterday that there are some questions as to the amount of money Elizabeth Warren spent to set up the “Consumer Financial Protection Bureau” as a federal watchdog to prevent financial institutions from abusing U.S. consumers.

The article reports:

The Office of Inspector General of the United States Federal Reserve (OIG) was requested by the House Financial Services Oversight and Investigations Committee on January 29, 2014, to evaluate the Consumer Financial Protection Bureau’s (CFPB) headquarters renovation costs that rose from $55 million to at least $215.8 million.

…According to a 2012 Independent Performance Audit, the legislation uniquely guaranteed the CFPB an automatic percentage of the Federal Reserve System’s operating expenses and that “funding is not subject to the traditional formulation and review of the Congressional appropriations process.” In addition, “Receipt of funds from the Federal Reserve authorizes the agency’s budget spending authority.”

The article explains why this spending is a problem for Ms. Warren:

The OIG found that the “Scope and Justification for Estimates” for the “$55 million and $95 million budget amounts for the renovation for fiscal year FY 2012 [beginning October 1, 20011] and FY 2013 [beginning October 1, 2012], respectively, were published in the CFPB’s public budget documents.” The OIG also found that “Approvals through decision memorandums were obtained for these amounts.” But the OIG reported that “CFPB was unable to locate any documentation of the decision to fully renovate the building.”

It therefore appears that although Sen. Elizabeth Warren was the responsible party at the CFPB who approved the “decision to renovate,” the design, and the cost “Scope and Justification for Estimates,” all documents regarding her decisions have vanished.

More missing paperwork from the Obama Administration. Someone needs to open a Lost and Found for these people. Ms. Warren was supposed to be protecting consumers from overzealous corporations, meanwhile she was exploiting the taxpayers to create her own luxurious offices. This sort of expense can be added to the list of places the federal budget could easily be cut.