Posted on 04/07/2014 5:15:38 PM PDT by jazusamo
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 for minorities vs. other borrowers. Finally, Hensarling asked to know what credit factors Cordray holds constant to ensure he's comparing borrowers with the same financial backgrounds.
Hensarling set a March 13 deadline, but Cordray has failed to turn over any of the information — marking the sixth time in almost a year that he's denied Congress critical information about his enforcement and regulatory tactics. This doesn't include the countless efforts by the auto industry to understand how his powerful agency is ginning up evidence against lenders and dealers (whom CFPB was never even authorized under the Dodd-Frank Act to regulate).
Outrageously, Cordray has now stonewalled both Democrats and Republicans in both the House and Senate. The "pattern of obfuscation," as Hensarling termed it, is stunning. Here's a chronology:
• May 28, 2013: 13 Democrats on the House banking panel wrote Cordray asking him for details on his disparate impact analysis. Cordray ignored their specific request.
(Excerpt) Read more at news.investors.com ...
Congress is apparently against Social Just-US.
Forcing banks to loan money to people that aren't credit worthy to match some racial quota is a sure way to raise prices for everybody else.
It's another transfer of wealth plain and simple.
And that is the real disparate impact.
That’s exactly what it is and Obama’s new CFPB thug is going after lenders screaming racism.
“Well, we look at the first name. That may be a dead giveaway that someone is a minority, say Nushawn or Minorhea. If that does not work we look at the last name, say Nqemba or Kweishe. We can use the middle initial as a backup, say X or 5X or 7X. One of these usually works. Once we identify them as minority we really go to work on them scrutinizing their application and anything else we can find to deny them the loan. We’ll check their credit scores. 450, 465, 380 and so on, not too bad. And we scrutinize other loans on their record - four defaults on car loans, three credit cards maxed out and in collections maybe. Well, memory a bit hazy on bill paying. No job? Hmmm. Seems like the only thing we can find to reject this loan is our racism, but that’ll do it! DENIED!”
just imagine one of us doing this even once. Just one time. Would we get the benefit of the doubt he or Lerner are getting?
The class war in this nation is more government workers vs the rest of us. They clearly have a different rule set.
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