For me what is most wrong with and about the CFPB IS it’s structure and not just that the head is unaccountable to the elected government.
Two other major parts of it’s structure should doom the agency wholesale.
First Congress legislated a totally open ended mission of the CFPB - it has full discretion on its own as to what amounts to a financial activity it can decree regulations, fines and penalties about.
Second, in addition to acting on its own to design and fulfill it’s internal structure it sets its own budget (with no presidential or Congressional control over) and draws all it wants from the Federal Reserve.
It should be considered not just “unconstitutional”, but a monster of independent self-governance in a supposedly democratic republic.
livin’ large on our dime:
The Consumer Financial Protection Bureau spent nearly $216 MILLION of taxpayers’ money to build themselves an unnecessarily lavish office.
The CFPB office includes a waterfall, exotic plants and a sitting area specifically for “contemplation.”
To make matters worse, they were only budgeted to spend $55 million. Their spending spiraled out of control on lavish amenities resulting in them over spending by nearly $161 MILLION. To put that in perspective, they could have built four offices for the cost of just this one.
The Bellagio Hotel & Casino in Las Vegas cost less per square foot to build.