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Keyword: cfpb

Brevity: Headers | « Text »
  • CFPB's renovation costs skyrocket to $216 million; IG sees 'no sound basis' for it

    07/02/2014 11:31:52 AM PDT · by PoloSec · 14 replies
    Washington Examiner ^ | July 2 2014 | Richard Pollock
    Renovation costs for the Consumer Financial Protection Bureau's Washington headquarters continue to spiral upwards, now pegged at $215.8 million, according to the inspector general of the Federal Reserve Board of Governors. The scathing report authored by IG Mark Bialek said there is no “sound basis” to support the controversial renovation. Unlike Congress, the Fed's IG can review CFPB programs and spending. "The approval of funding for the renovation was not in accordance with the CFPB’s current policies for major investments,” and as a result, “a sound business case is not available to support the funding of the renovation,” he said....
  • Consumer Financial Protection Bureau already sinking into scandal

    06/21/2014 5:49:53 PM PDT · by SeekAndFind · 5 replies
    Hotair ^ | 06/21/2014 | Jazz Shaw
    It’s great to have Uncle Sam looking out for the little guy, isn’t it? That’s why it was such a super-duper, nifty idea for Washington to summon into being the Consumer Financial Protection Bureau. It was created as part of the Dodd–Frank Wall Street Reform and Consumer Protection Act back in 2010, but was originally the brainstorm of now Senator Elizabeth Warren. (You may recall she was initially slated to head the agency, but that was derailed by Congress.) So now that they are on the job, keeping citizens safe from big banking fat cats and ensuring financial responsibility...
  • Consumer Financial Protection Bureau Grants Itself Authority to Shut Down Any Business at Anytime

    06/20/2014 11:44:52 AM PDT · by aMorePerfectUnion · 11 replies
    Town Hall ^ | 6-19-14 | Katie Pavlich
    Last week the Consumer Financial Protection Bureau, through the power of Dodd-Frank, passed a rule giving the agency unprecedented power to shut down businesses, no matter what the reason, at any time it wishes through a cease-and-desist order. Further, the rule puts businesses at the mercy of the CFPB and they cannot go back into operation until government approval or a court ruling is made over an issue. Subsequently because bureaucratic decisions and court rulings take a substantial amount of time to happen, businesses cannot survive during those waiting periods. Here are the details (bolding is mine):
  • Consumer Financial Protection Bureau Grants Itself Authority to Shut Down Any Busine

    06/20/2014 7:07:13 AM PDT · by rktman · 24 replies
    townhall.com ^ | 6/19/2014 | Katie Pavlich
    Last week the Consumer Financial Protection Bureau, through the power of Dodd-Frank, passed a rule giving the agency unprecedented power to shut down businesses, no matter what the reason, at any time it wishes through a cease-and-desist order. Further, the rule puts businesses at the mercy of the CFPB and they cannot go back into operation until government approval or a court ruling is made over an issue. Subsequently because bureaucratic decisions and court rulings take a substantial amount of time to happen, businesses cannot survive during those waiting periods. Here are the details (bolding is mine):
  • New federal database will track Americans' credit ratings, other financial information

    05/30/2014 5:48:55 AM PDT · by Chickensoup · 60 replies
    Washington Examiner ^ | 5/30/2014 | Richard Pollock
    As many as 227 million Americans may be compelled to disclose intimate details of their families and financial lives -- including their Social Security numbers -- in a new national database being assembled by two federal agencies. The Federal Housing Finance Agency and the Consumer Financial Protection Bureau posted an April 16 Federal Register notice of an expansion of their joint National Mortgage Database Program to include personally identifiable information that reveals actual users, a reversal of previously stated policy. Sign Up for the Watchdog newsletter! FHFA will manage the database and share it with CFPB. A CFPB internal planning...
  • Government Agency Scraps Employee Ratings To Avoid ‘Discrimination’

    05/26/2014 4:34:34 PM PDT · by Libloather · 20 replies
    Daily Caller ^ | 5/25/14 | Scott Greer
    One government agency has decided that the results of employee ratings are too discriminatory, and eliminated the process entirely. The Consumer Financial Protection Bureau announced on Monday that it will now award all employees the highest rating regardless of performance reviews. The CFPB, which oversees transactions in the financial sector for the federal government, decided to no longer conduct employee reviews because there were just too many apparent “significant disparities” between the races, ages, and locations of its employees. According to American Banker, this new policy is set to cost over $5 million dollars, as it will now pay employees...
  • CFPB to Top Up Employees' Pay After Performance Disparities Found

    05/26/2014 3:53:03 AM PDT · by mkmensinger · 20 replies
    Wall Syreet Journal ^ | 5-26-14 | Alan Zibel
    "The Consumer Financial Protection Bureau on Monday said it would distribute extra compensation to employees who received lower performance rankings after a review determined the regulator consistently gave higher performance rankings to whites, younger employees and higher-paid workers."
  • At Last, Congress Checks Obama's Rogue Consumer Bureau

    05/20/2014 4:30:18 PM PDT · by jazusamo · 3 replies
    Investors.com ^ | May 20, 2014 | IBD Editorial
    Oversight: Congress and some others in the media finally see the urgency in reining in Obama's rogue, out-of-control, unaccountable and secretive Consumer Financial Protection Bureau. This is something we have urged since its inception. In 2010, the Dodd-Frank Act gave birth to what we have argued is the single most powerful and least accountable agency in Washington. CFPB has the power to police virtually every financial transaction in the economy. Yet it holds its meetings in secret, has no inspector general and is funded outside the normal congressional budget process. On Wednesday, the House Financial Services Committee will take up...
  • Subpoena CFPB's Chief Over Secret Auto Data

    04/07/2014 5:15:38 PM PDT · by jazusamo · 6 replies
    Investors.com ^ | April 7, 2014 | IBD Editorial
    Power Struggle: CFPB Director Richard Cordray has snubbed yet another congressional request to disclose information about the shady methods he's using to investigate auto lenders for discrimination. Early last month, House Financial Services Committee Chairman Jeb Hensarling formally asked Cordray to explain how it is he can sue Ally Bank and other car lenders for policies that allegedly have a "disparate impact" on minorities when the industry doesn't even ID borrowers by race and investigators would have to guess their minority status. Then Hensarling pressed him for the metric he's using to determine a "statistically significant disparity" in loan pricing...
  • Washington & Wall Street: Hensarling Charges CFPB with Lack of Transparency

    03/25/2014 6:44:52 AM PDT · by george76 · 5 replies
    Breitbart ^ | 19 Mar 2014 | Christopher Whalen
    The liberal dictatorship of Richard Cordray at the Consumer Finance Protection Bureau (CFPB) came under fire this week when the head of the House Financial Services Committee (HFSC) called for the agency to open up its four advisory council meetings to the public and press. “Instead of operating behind closed doors, it’s time for the CFPB to live up to its oft-stated commitment to transparency and openness ... Wielding the power of the Dodd-Frank law, the CFPB has become an instrument for liberal tyranny focused against banks, mortgage companies, realtors, and other consumer credit professionals. The agency has been holding...
  • Obama’s CFPB records ‘bad behavior’ by debt collectors without investigating complaints

    03/25/2014 4:08:50 AM PDT · by mgist · 3 replies
    Daily Caller ^ | 3/20/14 | Howley
    Obama’s Consumer Financial Protection Bureau records ‘bad behavior’ by debt collectors without investigating complaints The Obama administration’s Consumer Financial Protection Bureau (CFPB) uses subjective criteria for analyzing complaints against debt collectors that ties collectors to “bad behavior” — without actually investigating for realmisconduct, according to a leading trade group. CFPB, an agency created by the Obama administration with the guidance of now-Senator Elizabeth Warren, presented an annual report Thursday that “seeks to justify the CFPB’s existence” but leaves errors unaccounted for, according to ACA International, the country’s largest third-person debt collection industry trade group. CFPB, which prevented Republican Rep. Sean...
  • Consumer bureau data-mining hundreds of millions of consumer credit card accounts, mortgages

    01/29/2014 10:15:43 AM PST · by Errant · 35 replies
    Washington Examiner ^ | 29 January 2014 | Richard Pollock
    Officials at the Consumer Financial Protection Bureau are conducting a massive, NSA-esque data-mining project collecting account information on an estimated 991 million American credit card accounts. It was also learned at a Congressional hearing Tuesday that CFPB officials are working with the Federal Housing Finance Agency on a second data-mining effort, this one focused on the 53 million residential mortgages taken out by Americans since 1998.
  • Obama's 'Operation Choke Point' Seeks to Destroy Sectors of Private Lending Industry

    01/09/2014 9:55:48 AM PST · by Sir Napsalot · 16 replies
    Breibart - Big Government ^ | 1-8-2014 | Michael Patrick Leahy
    Breitbart News has learned that in 2013 the Obama administration launched an under-the-radar project, 'Operation Choke Point,' which is designed to destroy three sectors of the private lending industry: third party payment processors ("TPPPs"), payday lenders, and online lenders. The operation is headed by political operatives and career bureaucrats at the Department of Justice, the FDIC, and the new Consumer Financial Protection Bureau ("CFPB"). It appears to be the latest example of the Obama administration's successful efforts to weaponize the apparatus of the federal government against people and industries it opposes ideologically. According to the Wall Street Journal, the federal...
  • Financial Repression From The Obama Administration: How Savers May Be Forced To Buy Federal Debt

    12/23/2013 7:19:46 PM PST · by bkopto · 65 replies
    Forbes ^ | 12/23/2013 | William Tucker
    Some experts are concerned that the Obama Administration is poised to begin forcing Americans to stock their retirement accounts with low-return government bonds. Richard Cordray, director of the Consumer Financial Protection Board, told Bloomberg News that his new regulatory agency was mulling a move to control the $20 trillion that Americans have invested for retirement. He specifically mentioned 401(k) plans and IRAs. “That’s one of the things we’ve been exploring,” Cordray told Bloomberg reporter Carter Dougherty in January. Cordray’s seemingly stray comment was largely ignored by mainstream and financial media, but won the attention of fund managers and economists. SNIP...
  • Yet Another Government Agency Is Keeping Tabs On You

    11/20/2013 7:37:24 AM PST · by SeekAndFind · 4 replies
    RCM ^ | 11/20/2013 | Hester Pierce
    At a Senate Banking Committee hearing last week, Richard Cordray - the director of the Bureau of Consumer Financial Protection - was on the defensive with respect to the bureau's collection of information about Americans' spending habits. His unpersuasive defense of the CFPB's data collection practices was not surprising in light of the agency's flawed design. First, Mr. Cordray explained that the industry and other regulators also collect credit card information. It is difficult to understand how he reached that conclusion since he did not seem certain about the scope of the bureau's data collection efforts. Mr. Cordray did not...
  • Obama’s Secret Collaboration with ACORN Bosses

    10/17/2013 7:09:50 AM PDT · by SJackson · 13 replies
    FrontPage Magazine ^ | October 17, 2013 | Matthew Vadum
    - FrontPage Magazine - http://frontpagemag.com - Obama’s Secret Collaboration with ACORN BossesPosted By Matthew Vadum On October 17, 2013 @ 12:50 am In Daily Mailer,FrontPage | 1 Comment Former officers of the disgraced radical group ACORN are still advising the Obama administration and guiding its catastrophic far-left policies almost three years after the group filed bankruptcy.Former ACORN Housing public affairs director Bruce Dorpalen, who now runs the National Housing Resource Center (NHRC), has been meeting with and advising senior Obama administration officials on housing policy, according to good-government group Judicial Watch. The watchdog discovered the secret collaborations after filing a...
  • CFPB's data-mining on consumer credit cards challenged in heated House hearing [80% Tracked]

    09/14/2013 8:31:21 AM PDT · by SoFloFreeper · 9 replies
    Washington examiner ^ | 9/13/13 | RICHARD POLLOCK
    Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year — up to 42 billion transactions – through a controversial data-mining program, according to documents obtained by the Washington Examiner.
  • CFPB's data-mining on credit cards challenged in heated House hearing [another agency spying on us]

    09/13/2013 10:59:03 AM PDT · by upchuck · 24 replies
    Washington Examiner ^ | Friday the 13th of September, 2013 | RICHARD POLLOCK
    Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year — up to 42 billion transactions – through a controversial data-mining program, according to documents obtained by the Washington Examiner. A CFPB strategic planning document for fiscal years 2013-17 describes the “markets monitoring” program through which officials aim to monitor 80 percent of all credit card transactions in 2013. The U.S. Census Bureau reports that 1.16 billion consumer credit cards were in use in 2012 for an estimated 52.6 billion transactions. If CFPB officials reach their stated "performance goal,"...
  • Socialists Designed Obama's Credit Watchdog Agency

    08/22/2013 2:09:58 PM PDT · by Tailgunner Joe · 9 replies
    investors.com ^ | August 21, 2013 | PAUL SPERRY
    Socialist activists and their front groups played a shockingly outsized role shaping and passing the monumental financial reform legislation that authorized the creation of President Obama's powerful consumer credit watchdog agency. Their intimate involvement is revealed in a new book, "Financial Justice: The People's Campaign to Stop Lender Abuse," which offers a rare, if biased, behind-the-scenes look at the anti-bank movement's multimillion-dollar lobbying effort in support of the Dodd-Frank Act. Written by two leftist consumer advocates drawing from interviews with more than 30 of the activist-lobbyists, the book is a road map to their radical activities, from ginning up hatred...
  • The Rolling Student Loan Bailout: A consumer guide to all the ways you can avoid repaying Uncle Sam.

    08/10/2013 9:30:26 AM PDT · by reaganaut1 · 32 replies
    Wall Street Journal ^ | August 10, 2013
    The Consumer Financial Protection Bureau performed a genuine public service this week by alerting taxpayers to the tidal wave of student loan defaults coming their way. Too bad the intention was also to alert student borrowers to ways they can avoid repaying those loans. A new analysis by the bureau shows federal-backed student loan debt surpassing $1 trillion, which is nearly double what it was at the start of the Obama Presidency. As college costs have continued to balloon in tandem with federal loan and grant subsidies, students have assumed more debt. Many jobless Americans have also sought asylum from...
  • What Happened to the $1 Trillion of Student Debt?

    08/08/2013 11:29:20 AM PDT · by William Tell 2 · 11 replies
    MainStreet.com ^ | 8-8-13 | Michael P. Tremoglie
    NEW YORK (MainStreet)— The Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman Rohit Chopra recently responded to those who asked the CFPB about the status of the $1 trillion that has already been borrowed to pay for college tuition. An August 5 article by Chopra paints a bleak portrait. Chopra found ...
  • Stimulus, response: Bill limiting executive regulatory authority prompts immediate White House veto

    08/01/2013 8:59:47 AM PDT · by SeekAndFind · 3 replies
    Hotair ^ | 08/01/2013 | Erika Johnsen
    Over the decades, the federal regulatory state has grown while legislative control over those regulatory policies has declined, and back in 2010, the GOP came up with the Regulations from the Executive in Need of Scrutiny Act as part of their red-tape reining Pledge to America. The REINS Act would make major regulations (defined as those with a calculated price tag of $100 million or more) contingent upon Congressional approval, and it’s been introduced in each of the past three Congresses but obviously never stood a chance in the Senate. The House is poised to vote once again on the...
  • The Consumer Financial Protection Bureau (CFPB) is looking to create a "Google Earth" of every ..

    07/17/2013 2:36:39 PM PDT · by Texas Fossil · 15 replies
    CBS News ^ | July 16, 2013 | Craig Bannister
    The Consumer Financial Protection Bureau (CFPB) is looking to create a "Google Earth" of every financial transaction of every American, Sen. Mike Enzi (R-WY) warned today in a Senate speech opposing confirmation of Richard Cordray as CFPB director. "This bill (creating the CFPB) was supposed to be about regulating Wall Street. Instead, it's creating a Google Earth on every financial transaction.
  • Senate confirms Cordray as consumer bureau chief( Freeps drop Traytable this is important)

    07/16/2013 9:20:35 PM PDT · by hatfieldmccoy · 22 replies
    Reuters ^ | Tue Jul 16, 2013 | Emily Stephenson
    The Senate on Tuesday confirmed a director of the Consumer Financial Protection Bureau, ending a nearly two-year standoff in Congress and putting the new agency on sounder legal footing. Democrats overcame long-held Republican objections to approve Richard Cordray's nomination to head the bureau, which was created by the 2010 Dodd-Frank Wall Street reform law. Bureau advocates and consumer law experts said Senate confirmation clears up a number of questions, including Cordray's legal status as the temporary bureau director and the agency's authority to oversee certain financial sectors such as debt collection.
  • Consumer Financial Protection Bureau: NSA of the Financial World

    06/30/2013 10:50:56 AM PDT · by VitacoreVision · 10 replies
    The New American ^ | 30 June 2013 | Michael Tennant
    The Consumer Financial Protection Bureau has been vacuuming up data on Americans' financial transactions in direct violation of both the Constitution and the law that created the bureau. Consumer Financial Protection Bureau: NSA of the Financial World The New American 30 June 2013 While the National Security Agency's (NSA) unconstitutional spying on Americans' communications has been getting most of the press lately, another federal agency has been quietly -- and illegally -- vacuuming up Americans' financial data: the Consumer Financial Protection Bureau (CFPB). Created by the 2010 Dodd-Frank Act, the CFPB has been operating for just under two years...
  • Obama administration paid contractors millions to snoop through Americans’ financial data

    06/28/2013 8:34:51 PM PDT · by SpaceBar · 39 replies
    The Daily Caller ^ | 06/27/2013 | Brendan Bordelon
    A secretive data collection program run by the Consumer Financial Protection Bureau allows private contractors access to millions of Americans’ personal financial information, according to a government accountability group. The information may also be shared with other federal agencies. Documents obtained by Washington-based Judicial Watch through the Freedom of Information Act illustrate the cost and scope of the program, which business groups and some Republican lawmakers have assailed as invasive and potentially illegal. The Daily Caller News Foundation previously reported how the CFPB compelled banks to comply with the program by making successful passage of routine inspections conditional on supplying...
  • Multiple Government Agencies Are Keeping Records Of Your Credit Card Transactions

    06/29/2013 5:09:48 AM PDT · by SeekAndFind · 30 replies
    TEC ^ | 06/28/2013 | Michael Snyder
    Were you under the impression that your credit card transactions are private? If so, I am sorry to burst your bubble. As you will see below, there are actually multiple government agencies that are gathering and storing records of your credit card transactions. And in turn, those government agencies share that information with other government agencies that want it. So if you are making a purchase that you don't want anyone to know about, don't use a credit card. This is one of the reasons why the government hates cash so much. It is just so hard to track. In...
  • Feds collecting personal, confidentialdata on consumer´s credit cards,bank transactions

    06/27/2013 11:47:36 AM PDT · by Nachum · 74 replies
    Washington Examiner ^ | 6/27/13 | Paul Bedard
    The Obama administration, already under fire for the IRS scandal and National Security Agency snooping of the computers and cellphones of Americans, is also spending millions to have private contractors conduct a dragnet for confidential and personal credit and bank transactions without a warrant. Newly obtained documents from the Obama-created Consumer Financial Protection Bureau reveal that the administration has OK'd a project to accumulate the personal financial data of some 5 million and share it with other agencies to build a "nationally representative panel of credit information on consumers for use in a wide range of policy research projects." The...
  • Judicial Watch: FOIA release shows CFPB conducting “warrantless surveillance” on consumers

    06/28/2013 8:41:41 AM PDT · by SeekAndFind · 9 replies
    Hotair ^ | 06/28/2013 | Ed Morrissey
    Get ready for another front on the debate over privacy, consumption, and the trade-off between them. Yesterday, Judicial Watch announced that they had received data through a FOIA demand that showed warrantless surveillance on 5 million American consumers — not for national-security reasons, but for the new Consumer Financial Protection Board. The documents show that the controversial panel has contracted out the service of trawling through millions of transactions, emphases in original: Judicial Watch announced today that it has obtained records from the Consumer Financial Protection Bureau (CFPB) revealing that the agency has spent millions of dollars for the warrantless...
  • Consumer Financial Protection Bureau Collected Your Data & Shared It While You Were Distracted

    06/28/2013 8:06:11 AM PDT · by EXCH54FE · 5 replies
    Freedom Outpost ^ | June 28, 2013 | Suzanne Hamner
    Well America, it has continued to get piled higher and deeper. There was Benghazi – but wait, Congress doesn’t have time to fully investigate to find individuals responsible and hold them accountable; so, it’s swept under the rug. Congress can’t deal with Fast and Furious effectively; it goes the way of the dust on top of the door jamb: you know it’s there but can’t see it so forget about it. While the immigration bill, the Supreme Court ruling on the Voting Rights Act and the Defense of Marriage Act (DOMA), and the racially charged Zimmerman case had the focus...
  • CFPB employees vote to join a federal union (NTEU)

    05/16/2013 10:52:56 AM PDT · by oxcart · 6 replies
    POLITICO ^ | 05/16/13 | KATE DAVIDSON
    Employees at the Consumer Financial Protection Bureau aren’t just looking out for consumers’ interests — they’re looking out for their own jobs, too. The agency’s workforce voted last week to join the National Treasury Employees Union, a federal union that also represents employees at other financial regulators, including the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and Securities and Exchange Commission. Why would employees at CFPB — an agency with liberal bona fides, generous compensation and top-notch benefits — want to form a union? The push to organize was driven in large part by news that...
  • Courts and Congress give Obama adult supervision (Obama failing on many fronts)

    04/27/2013 1:51:35 PM PDT · by what's up · 7 replies
    Washington Post ^ | Apr 23, 2013 | George Will
    Rep. Jeb Hensarling (R-Tex.), chairman of the Financial Services Committee, has told Richard Cordray not to bother. This is part of the recent evidence that government is getting some adult supervision. Barack Obama used a recess appointment to make Cordray director of the Consumer Financial Protection Bureau. But a federal circuit court has declared unconstitutional three other recess appointments made the same day because the Senate was not in recess. So Hensarling has told Cordray not to testify before his committee: “Absent contrary guidance from the United States Supreme Court, you do not meet the statutory requirements of a validly...
  • The Consumer Financial Protection Bureau Guarantees The Fannie Mae, Freddie Mac, FHA Monopoly

    03/31/2013 3:43:50 PM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 03/31/2013 | Anthony B. Sanders
    The government mortgage giants Fannie Mae, Freddie Mac and Ginnie Mae (FHA, VA) have a virtual monopoly on the mortgage insurance and securitization business. In an article written by former Freddie Mac employee, Nela Richardson, it is pointed out that Fannie Mae and Freddie Mac will set the benchmark for underwriting standards: The Consumer Financial Protection Bureau’s Qualified Mortgage rule, which is supposed to standardize underwriting practices across the industry once it takes effect in 2014, will have a negligible effect on the industry as long as Fannie and Freddie continue to dominate the market for mortgage funding. The companies...
  • The Feds Want Your Retirement Accounts

    02/22/2013 5:57:57 AM PST · by radioone · 47 replies
    American Thinker ^ | 2-22-13 | John White
    Quietly, behind the scenes, the groundwork is being laid for federal government confiscation of tax-deferred retirement accounts such as IRAs. Slowly, the cat is being let out of the bag. Last January 18th, in a little noticed interview of Richard Cordray, acting head of the Consumer Financial Protection Bureau, Bloomberg reported "[t]he U.S. Consumer Financial Protection Bureau [CFPB] is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency's first foray into consumer investments." That thought generates some skepticism, as aptly expressed...
  • Warren Fights For CFPB Again – Barack Obama’s Tax and Spend Club Band

    02/15/2013 10:44:59 AM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 02/15/2013 | Anthony B. Sanders
    Senator Elizabeth Warren (D-MA) is fighting to protect her “brainchild”, the Consumer Financial Protection Bureau (CFPB). She also wants to support the nominated of Richard Cordray, the former Attorney General of Ohio, better known as “Robocop” for his attacks on banks and servicers over robosigning. True, robosigning foreclosures is sloppy, but there were apparently no economic harm to borrowers (that is, 100% of borrowers defaulted on their loans and the banks/servicers were trying to claim the house to mitigate losses). Yet the Attorneys’ General settlement went ahead despite no economic harm to borrowers. The settlement provides as much as $25...
  • The Government Generously Offers To Help You "Manage” Your Retirement Account

    02/02/2013 7:29:39 PM PST · by Perdogg · 82 replies
    Via Michael Krieger of Liberty Blitzkrieg blog, [ZH: We have discussed this threat over the past several years (must read).] The obvious concept is that when the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in American’s retirement accounts. It seems that day may be finally drawing near. I stopped contributing to my 401k back when I worked at Bernstein, and I will probably now have to give more serious consideration whether I want to take the penalty and move the funds out of my...
  • Senate Republicans renew blockade of Obama's (unconstitutional) Consumer Bureau pick

    02/02/2013 6:56:16 AM PST · by Libloather · 2 replies
    The Hill ^ | 2/01/13 | Peter Schroeder
    Senate Republicans are renewing their vow to block any nominee to head the Consumer Financial Protection Bureau (CFPB) unless major changes are made to its structure. In a letter sent to President Obama on Friday, 43 Republican senators committed to refusing approval of any nominee to head the consumer watchdog until the bureau underwent significant reform. Lawmakers signing on to the letter included Senate Minority Leader Mitch McConnell (R-Ky.) and Sen. Mike Crapo (R-Idaho), the ranking member of the Senate Banking Committee. "The CFPB as created by the deeply flawed Dodd-Frank Act is one of the least accountable in Washington,"...
  • Corker: NLRB, CFPB actions could be invalid (Hussein unconstitutional)

    01/27/2013 4:43:47 PM PST · by Libloather · 9 replies
    Politico ^ | 1/27/13 | JAKE SHERMAN
    **SNIP** Sen. Dick Durbin (D-Ill.), the No. 2 Senate Democrat, said the administration was forced to use recess appointments because of Republican intransigence. “In its frustration, this administration said ‘we were elected to govern,’” Durbin said. “And whether it’s the National Labor Relations Board or whatever they wanted to put people in place to govern.”
  • The Costs of Fighting Inflation: Slow Growth, Slow Lending and Slow Housing Recovery

    01/26/2013 9:53:25 AM PST · by whitedog57 · 4 replies
    Confounded Interest ^ | 01/26/13 | Anthony B. Sanders
    The Federal Reserve wants to avoid runaway inflation (or hyperinflation) while generating increased economic growth. So what is the cure for inflation? Slow down bank lending. But the cure might be worse than the problem itself. The Federal government has been commandeering private lending for a couple of decades and now has a virtual monopoly of certain types of lending. Examples include the mortgage market where (depending on the source) the government (Fannie Mae, Freddie Mac and the FHA) control 86-90% of the market. Student loans is another example where the government stepped in to guarantee loans at taxpayer expense....
  • Court: Obama Appointments to Labor Panel Are Unconstitutional

    01/25/2013 9:36:52 AM PST · by lbryce · 25 replies
    Fox news ^ | January 25, 203 | Staff
    President Obama violated the Constitution when he bypassed the Senate to fill vacancies on a labor relations panel, a federal appeals court panel ruled Friday. A three-judge panel of the U.S. Court of Appeals for the D.C. Circuit said that Obama did not have the power to make three recess appointments last year to the National Labor Relations Board. The unanimous decision is an embarrassing setback for the president, who made the appointments after Senate Republicans spent months blocking his choices for an agency they contended was biased in favor of unions. The ruling also throws into question Obama's recess...
  • Answerable to No One (Consumer Financial Protection Bureau)

    11/17/2012 10:39:47 AM PST · by what's up · 11 replies
    Washington Post ^ | Nov 16, 2011 | George Will
    There can be unseemly exposure of the mind as well as of the body, as the progressive mind is exposed in the Consumer Financial Protection Bureau (CFPB), a creature of the labyrinthine Dodd-Frank legislation. Judicial dismantling of the CFPB would affirm the rule of law and CongressÂ’s constitutional role. The CFPBÂ’s director, Richard Cordray, was installed by one of Barack ObamaÂ’s spurious recess appointmentswhen the Senate was not in recess. Vitiating the SenateÂ’s power to advise and consent to presidential appointments is congruent with the CFPBÂ’s general lawlessness. The CFPB nullifies CongressÂ’s power to use the power of the purse...
  • Obama Administration Gave Petraeus's Wife a $187,605-Per-Year Job

    11/15/2012 5:14:02 AM PST · by Stand Watch Listen · 31 replies
    CNSNews.com ^ | 14 Nov 2012 | Penny Starr
    (CNSNews.com) – The Obama administration named Holly Petraeus--wife of retired Gen. David Patraeus, who resigned last week as CIA director after revealing he had had an extramarital affair--to a $187,605-per-yer job in the newly formed Consumer Financial Protection Bureau (CFPB). The CFPB, created by the Dodd-Frank law, was placed by that law under the umbrella of the Federal Reserve. The funding of the CFBP, which comes from the Federal Reserve, is not subject to congressional oversight. Mrs. Petraeus became a member of the CFPB Implementation Team on Jan. 12, 2011. She is now the assistant director for the Office of...
  • Consumer Financial Protection Bureau - Waste And Abuse

    08/22/2012 3:45:59 AM PDT · by LD Jackson · 6 replies
    Political Realities ^ | 08/22/12 | LD Jackson
    This isn't the first time I have written about the Consumer Financial Protection Bureau or waste and abuse in the federal government. I have opined on more than one occasion that the powers given to the CFPB were suspect. This is especially true since their funding doesn't even have to go through Congress. With a funding setup like that, one can't help but wonder who will watch the CFPB, while they are supposedly watching out for the American taxpayer. This is, however, the first time the CFPB and waste and abuse have been tied together. They are getting off to...
  • Govt to supervise credit reporting for first time

    07/16/2012 1:31:25 PM PDT · by BAW · 31 replies
    AP ^ | July 16, 2012
    The companies that determine Americans' credit scores are about to come under government oversight for the first time. The Consumer Financial Protection Bureau said Monday that it will start supervising the 30 largest firms that make up 94 percent of the industry. That includes the three big credit reporting firms: Equifax Inc., Experian and TransUnion. In remarks prepared for a speech Monday, Richard Cordray, the government agency's director, said that scorekeeping by credit bureaus plays such a large role in Americans' financial lives, it requires scrutiny.
  • Texas bank challenging Dodd-Frank, consumer bureau in court

    06/22/2012 6:57:22 AM PDT · by smokingfrog · 2 replies
    The Hill (On the Money) ^ | 21 June 2012 | Peter Schroeder
    A Texas community bank and two advocacy groups are filing suit in U.S. District Court to challenge the constitutionality of the Dodd-Frank financial reform law. In particular, the suit will contend that the Consumer Financial Protection Bureau (CFPB), created by the law, lacks sufficient checks and balances and, in the words of the CEO of State National Bank, is "simply unconstitutional." “No other federal agency or commission operates in such a way that one person can essentially determine who gets a home loan, who can get a credit card and who can get a loan for college,” said bank head...
  • The U.S. of Orwell, "Consumer Protection" Just Another Federal Reserve Power Grab

    03/30/2012 11:09:01 AM PDT · by SaveOurRepublicFromTyranny · 7 replies
    Zero Hedge ^ | March 29, 2012 | Tyler Durden
    This is truly Orwellian: the latest and greatest Executive Branch/Federal Reserve power grab is labeled "consumer protection." I am indebted to correspondent Jim S. who seems to be one of the few Americans to have actually sorted through this monstrosity and gleaned its true nature: an unprecedented extension of Executive (i.e. Imperial Presidency) and Federal Reserve power.
  • Student Loan Debt: $1 Trillion and Counting

    03/24/2012 6:55:44 PM PDT · by SeekAndFind · 25 replies · 2+ views
    Forbes ^ | 03/24/2012 | Sheryl Nance-Nash
    Whatever happened to the American dream of going to college, landing a great job and living happily ever after? College is supposed to be about getting off to a great start, but it’s a financial noose that threatens to kill our young and everybody else too. The U.S. has the dubious distinction of now having more than $1 trillion in outstanding student loan debt. The crisis has the full attention of the Consumer Financial Protection Bureau which in a recent blog , presented its sobering findings. “Unlike other consumer credit products, student debt keeps growing at a steady clip. Students...
  • Senate Republicans to challenge recess appointments in court

    02/03/2012 10:50:14 AM PST · by jazusamo · 20 replies
    The Hill ^ | February 3, 2012 | Kevin Bogardus
    Republican senators announced Friday that they plan to challenge President Obama's recent controversial appointments in court. Thirty-nine GOP senators have signed onto a letter announcing their intention to file a joint amicus brief in a court challenge against Obama's recess appointments to the Consumer Financial Protection Bureau and the National Labor Relations Board last month. "We refuse to stand by as this President arrogantly casts aside our Constitution and defies the will of the American people under the election-year guise of defending them," Sen. John Cornyn (R-Texas) said in a statement. The White House has argued that the recess appointments...
  • Obama Creates Unconstitutional Monster

    01/26/2012 3:28:00 PM PST · by NYer · 10 replies
    Crisis Magazine ^ | January 26, 2012 | Terence Jeffrey
    Did President Barack Obama’s appointment of Richard Cordray to be director of the Consumer Financial Protection Bureau without a Senate confirmation vote violate the Constitution? The answer is plainly yes.Article 2, Section 2 of the Constitution says the president “shall nominate, and by and with the Advice and Consent of the Senate, shall appoint … Officers of the United States … but the Congress may by Law vest the Appointment of such inferior Officers, as they think proper, in the President alone (and) … The President shall have Power to fill up all Vacancies that may happen during the Recess...
  • If You Call C-Span Washington Journal . . . (Vanity)

    01/24/2012 6:24:14 AM PST · by Jacquerie · 5 replies
    January 24th 2012
    I called my rep on C-Span this morning, Steve Southerland (FL-2) My question was, "Did President Obama violate the Constitution when he appointed Richard Cordray to head the CFPB without consent of the Senate?" He said Obama crossed the line, yet it was okay because the Senate was in recess. My line went dead. So no, I was not allowed to tell him the Senate was not in recess and therefore any regulations from the CFPB were null and void. I listen to Leftist moonbats get 2-3 minutes to beat up pubbies over social justice, the mean corporations, the one...