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Keyword: cfpb

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  • Resignation of CFPB head gives Trump opportunity to erase Elizabeth Warren’s legacy

    11/15/2017 6:51:10 PM PST · by markomalley · 11 replies
    Legal Insurrection ^ | 11/15/17 | Kemberlee Kaye
    Richard Cordray, an Obama appointee and head of the Consumer Financial Protection Bureau (CFPB) announced to staff in an email Wednesday his plans to resign. While he’s yet to confirm his plans, there’s speculation Cordray will return home to run for Ohio’s governorship. The CFPB functions as, “a regulator set up in response to the 2008 financial crisis to police mortgages, credit cards and other financial products,” and was the brainchild of Massachusetts Democrat Senator Elizabeth Warren. Unlike other agencies, due to the unique circumstanced through which the CFPB was created (was part of Dodd-Frank in 2010), Cordray answered to...
  • Trump signs GOP repeal of consumer banking rule

    11/01/2017 10:00:29 PM PDT · by Olog-hai · 12 replies
    Associated Press ^ | Nov 1, 5:38 PM EDT | Ken Thomas
    President Donald Trump on Wednesday signed the repeal of a banking rule that would have allowed consumers to join together to sue their bank or credit card company to resolve financial disputes. The president signed the measure at the White House in private. Journalists were not present to witness the signing.The Republican-led Senate narrowly voted to repeal the Consumer Financial Protection Bureau’s regulation, which the banking industry had been seeking to roll back. The Trump administration and Republicans have pushed to undo regulations they say harm the free market and lead to frivolous lawsuits. …
  • These Obama appointees could cause another housing collapse

    10/14/2017 8:56:32 PM PDT · by Oshkalaboomboom · 15 replies
    NY Post ^ | October 14, 2017 | Paul Sperry
    A pair of top Obama-appointed bank regulators still serving in the Trump administration could spark another mortgage meltdown by lowering credit standards and encouraging risky lending practices. Democrat Mel Watt, who is serving a special five-year term as head of the Federal Housing Finance Agency, is pushing the mortgage-lending giants he regulates — Fannie Mae and Freddie Mac — to offer home loans to deadbeat borrowers with shaky credit, setting up conditions for another housing-market crash, industry officials warn. Meanwhile, the other Obama holdover — liberal Democrat Richard Cordray, who continues to head the Consumer Financial Protection Bureau through 2018...
  • Why Trump Must Fire Obama Holdover Cordray

    09/28/2017 12:53:46 PM PDT · by Twotone · 11 replies
    American Spectator ^ | September 27, 2017 | John Berlau
    In the private sector and during his short time as president, Donald J. Trump has never been shy about firing subordinates. Yet some powerful Obama holdovers seem to have a puzzling staying power. The recent decision of the Justice Department not to prosecute Lois Lerner for her alleged role in the Internal Revenue Service’s targeting of conservative non-profits brought criticism and also highlighted the fact that Obama’s appointee John Koskinen is still at the IRS’s helm. Even more frustrating is that Trump has yet to fire Consumer Financial Protection Bureau director Richard Cordray, despite Cordray’s actions that go directly against...
  • U.S. Ruled by Executive, Legislative, Judicial Branches… and Richard Cordray

    06/23/2017 10:14:57 AM PDT · by Cheerio · 7 replies
    The American Spectator ^ | June 22, 2017 | Jon Cassidy
    A despotism in our midst no one can do anything about, evidently. Could Congress create a fourth branch of government? Maybe break off a piece of what the executive branch handles now — commerce, say, or agriculture, or maybe even defense — and create a new office supported by its own dedicated tax stream and the authority to levy penalties? The president could still appoint this officer — I think prince-bishop has a nice ring to it — but wouldn’t be able to remove His Excellency absent extraordinary factual circumstances. Maybe we could expect the prince-bishop to decree exile for...
  • Comey and Cordray Illustrate the Dangers of "Independence"

    06/13/2017 11:06:10 AM PDT · by ckinv368
    Kinvig on Politics ^ | 6-13-17 | Cameron Kinvig
    Yesterday, the Treasury Department released a much-anticipated plan to pare back the regulatory state that has neutered our economy over the past several years. Chief among Treasury's concerns was the role the CFPB (Consumer Financial Protection Bureau) has taken to over-regulate and generally terrorize the banking and financial services industries. Far from helping consumers, the CFPB has sought to stay in the headlines by demanding huge punitive fines in lieu of investigating financial services companies to death. Its current (and founding) director--Richard Cordray—seems to style himself as the Doc Holliday of the financial world. Never afraid of the limelight, he...
  • Dems Debate Striking Deal with Republicans on Reforming Consumer Financial Protection Bureau

    04/01/2017 9:57:36 AM PDT · by ColdOne · 10 replies
    breitbart.com ^ | 3/30/17 | Sean Moran
    Republicans on the House Financial Services Committee hope to markup legislation to reform Dodd-Frank in April. Democrats will have a month to agree upon a strategy to defend the CFPB and to decide to what to degree they wish to work with Republicans to keep the CFPB alive. Democrats believe they can strike a deal with Republicans to transform the CFPB into a bipartisan commission from a single directorship. Congressman Brad Sherman (D-CA) explained that the alternative would give President Trump sole control over the CFPB when current director Richard Cordray’s term expires next year.
  • Top 10 Holdover Obama Bureaucrats President Trump Can Fire or Remove Today

    02/19/2017 9:53:13 AM PST · by kevcol · 32 replies
    Breitbart ^ | February 18, 2017 | Michael Patrick Leahy
    Here is a list of the top ten holdover Obama loyalist bureaucrats President Trump can either fire immediately or remove from their current positions (civil service). 1) John Koskinen, Commissioner of the Internal Revenue Service 2) Richard Cordray, Consumer Financial Protection Bureau Director 3) John Lansing, CEO of Broadcasting Board of Governors 4) Amanda Bennett, Voice of America Director 5) Kenneth Tota, Acting Director of the Office of Refugee Resettlement, Department of Health and Human Services (civil service) 6)Anastasia Brown, Acting Deputy Director for Refugee Programs, Office of Refugee Resettlement, Department of Health and Human Services (civil service) . ....
  • Court agrees to revisit ruling against consumer bureau

    02/16/2017 11:39:00 AM PST · by Brad from Tennessee · 8 replies
    The Hill ^ | February 16, 2017 | By Megan R. Wilson
    A federal court on Thursday approved a request from the Consumer Financial Protection Bureau (CFPB) to re-hear a case questioning the constitutionality of its structure. The order from the U.S. Court of Appeals for the District of Columbia Circuit invalidates an earlier judgment from October that found the CFPB to be “unconstitutionally structured” because it is helmed by a single individual, Director Richard Cordray, who could only be removed by the president and “for cause.” In addition to restoring Cordray’s power, Thursday's order strikes the previous ruling stating that a $109 million penalty against the mortgage company PHH Corp. —...
  • How House Republicans plan to defund Elizabeth Warren’s little agency of tyranny

    02/09/2017 1:48:06 PM PST · by Cheerio · 20 replies
    Canada Free Press ^ | February 9, 2017 | Dan Calabrese
    We told you on Monday about the special challenge Republicans face in what to do about the Consumer Finance Protection Bureau. It’s a totally out of control administrative agency gifted with immense powers by Dodd-Frank, and designed by its architect - Elizabeth Warren - to be almost impossible for a Republican to get a job at. Oh, and Congress is required by statute to fund it. CFPB’s director, left-wing zealot Richard Cordray? The president can fire him only “for cause,” and that’s a lot more complicated than at-will employment. Democrats designed the CFPB this way intentionally during the Obama Administration,...
  • Trump takes on CFPB, a regulatory agency set up by Elizabeth Warren so no Republican could ever work

    02/06/2017 8:55:43 AM PST · by Sean_Anthony · 3 replies
    Canada Free Press ^ | 02/06/17 | Dan Calabrese
    The tyranny of the administrative state. The Consumer Financial Protection Bureau is one of those things that sounds purely like the government helping out the sainted little guy against threats from the powerful and the predatory. And there’s a lot of danger in that. The CFPB was created by Democrats as part of the passage of Dodd-Frank in 2010, and Obama appointed left-wing stalwart Richard Cordray to wield the agency’s considerable power. Now Trump believes, correctly, that it’s time to rein Cordray and the CFPB in, which the political class sees as a case of evil Republicans undercutting the rights...
  • 100 percent of Consumer Financial Protection Bureau's donations went to Democrats

    11/25/2016 6:32:03 AM PST · by SoFloFreeper · 7 replies
    The Consumer Financial Protection Bureau is the most partisan agency in the federal government in terms of donations to candidates, according to campaign finance data. Employees at the CFPB, which was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, contributed nearly $50,000 during the 2016 campaign with all of that money going to aid Hillary Clinton or her rival, the insurgent socialist Sen. Bernie Sanders, I-Vt. Agency employees made more than 300 donations during the campaign. Not one went to a Republican candidate. Rep. Sean Duffy, R-Wisc., a frequent critic of the agency, said that it is...
  • The Out-Of-Control Consumer Financial Protection Bureau Gets Its Wings Clipped

    10/13/2016 3:44:28 AM PDT · by expat_panama · 5 replies
    Investors Business Daily ^ | October 12, 2016 4:17 PM ET | Editorial
    Separation of Powers: A U.S. appeals court took a small step to restoring constitutional order to the federal government on Tuesday when it issued a blistering decision which found that the design of the Consumer Financial Protection Bureau was unconstitutional. Unfortunately, the court left this dangerous agency otherwise intact. It's not too much of an exaggeration to describe the CFPB as the Frankenstein's Monster of federal regulatory agencies. When Democrats breathed life into it as part of the Dodd-Frank financial reform law, they created a bureau that — by design — was almost entirely unaccountable to the public. Congress has...
  • CFPB “Structurally Unconstitutional” – US Court of Appeals

    10/11/2016 1:28:48 PM PDT · by Behind Liberal Lines · 11 replies
    National Review ^ | October 11, 2016 3:47 PM | by IAIN MURRAY
    the US Court of Appeals from the DC Circuit today found that the Consumer Financial Protection Bureau was “structurally unconstitutional.” The offending structure consists of an independent agency with a single, all-powerful executive director. The Court found that structure fell between two stools – an agency with a single head needs to be accountable to the President, while an independent agency needs to have internal checks and balances by having a multi-member commission format like the SEC and others... The Consumer Financial Protection Bureau’s lack of checks and balances violates the Constitution’s separation of powers. Its director is like a...
  • Wells Fargo is a Bank, Not a Center for Political Activism

    09/13/2016 2:39:19 PM PDT · by Kaslin · 30 replies
    Townhall.com ^ | September 13, 2016 | Susan Stamper Brown
    If Wells Fargo was focused on bank charges and interest rates rather than political hot button issues, perhaps they wouldn’t have had to fire thousands of employees for ripping off customers and be liable for millions in fines.In a recent press release, the Consumer Financial Protection Bureau [CFPB] recounted that Wells Fargo Bank, N.A. will pay “the largest penalty the CFPB has ever imposed,” $185 million, because thousands of Wells Fargo employees “covertly” opened “more than two million deposit and credit card accounts,” transferring funds from consumers’ authorized accounts without their knowledge or consent, often racking up fees or other...
  • Merrill Lynch to Pay $415 Million

    06/24/2016 4:45:54 AM PDT · by ConservativeWarrior · 10 replies
    Washington D.C., June 23, 2016 — The Securities and Exchange Commission today announced that Merrill Lynch has agreed to pay $415 million and admit wrongdoing to settle charges that it misused customer cash to generate profits for the firm and failed to safeguard customer securities from the claims of its creditors.
  • Payday Loans Can Be A Lifeline For The Poor -- Meddling Bureaucrats Would Yank It Away

    06/17/2016 7:48:07 AM PDT · by reaganaut1 · 94 replies
    Forbes ^ | June 17, 2016 | George Leef
    Despite Barack Obama’s Hope and Change promises to fundamentally transform the U.S., there remain a great number of Americans who live paycheck to paycheck (when they have work at all). Occasionally, they find themselves in desperate need of short-term credit to avoid a financial disaster, but they don’t have good credit. One of their options is to get a short-term advance from a “payday lender.” In the typical transaction, a storefront lending business provides a cash advance of a few hundred dollars to the borrower, who promises to repay within one or two weeks with a fee of 15 to...
  • It’s Payday For Loan Sharks, Courtesy Of Federal Regulators

    06/03/2016 4:28:01 AM PDT · by IBD editorial writer · 18 replies
    Investor's Business Daily ^ | 6/2/2016 | Staff
    Banking: The Consumer Financial Protection Board has proposed new rules that will needlessly put tens of thousands of people out of work, all but ruin a $40 billion industry, deny many low-income families access to credit, increase bankruptcies and turbocharge the loan shark industry. Yet it’s being heralded as a great advance for society.
  • The Rise of the Politburos: A Fifth Branch of Government

    05/12/2016 1:40:19 AM PDT · by Jacquerie · 2 replies
    For several decades, conservatives have lamented the growth of the administrative state, aka the fourth branch of government. Created by congress, directed by the president, and armed with semi-despotic powers, these administrative agencies, by the number of regulations they issue, are the real lawmakers in the once American republic. On paper, the fourth branch is accountable to the reps of the people, the House and Senate of the United States. Liberals love the fourth branch, for while these agencies are legally subject to congressional oversight, they are extensions of the will of the president and are, as a practical matter,...
  • Reining in a rogue bureau: CFB tells Congress on spending $216mm “Why does that matter to you?”

    04/13/2016 6:15:43 AM PDT · by doldrumsforgop · 10 replies
    wash times ^ | 4/12/16 | c b gray
    A federal appellate court questioned Tuesday whether the structure of the Consumer Finance Protection Bureau (CFPB) violates the constitutional separation of powers. That question has been on the minds of constitutional scholars and administrative lawyers ever since the Dodd-Frank Act brought forth this Frankenstein agency, which wields all the power and jurisdiction once exercised by seven separate agencies over great swaths of the economy, all without any meaningful oversight by the political branches. What federal agency would have the gall to answer Congress’ legitimate questions about its extravagant spending with the retort, “Why does that matter to you?” That was...