Senator Elizabeth ‘Pocahontas’ Warren‘s signature achievement before her political career was the creation of the Consumer Protection Financial Bureau, or CFPB. It was created to act as a watchdog for the financial industry following the 2008-09 financial crisis, but has since faced criticism for being an attack-dog with no government oversight.
Hilariously, Trump has appointed former lawmaker and OMB Director Mick Mulvaney to head the agency, a man who has called the Bureau a “joke” before, and said that he doesn’t believe it should even exist. I’m sure Warren must be thrilled. It’s a good thing too, because it means a man is in charge who is aware of the reality of the situation at the bureaucratic nightmare that is the CFPB. According to an explosive Wall Street Journal piece last year titled the “Consumer Financial Protection Racket,” the paper’s editorial board takes an blowtorch to the law.
Instead of protecting consumers, the CFPB “has complied record of abuse rivaling that of Washington’s most entrenched bureaucracies and may be operating outside of the parameters of the Constitution.” They cite an example where a mortgage lender called PHH had been appealing a $6.4 million penalty…. when the CFPB arbitrarily decided to create and slap on an additional $105 million penalty out of thin air. “The President and the Congress have no control over this agency,” PHH’s lawyers stated in court. “The only check on this agency is right here, if it isn’t for the judiciary, this agency could do anything it wants.”
And like the Clinton Foundation, the CFPB has been acting as a slush fund for leftist political causes, it’s been discovered.
According to America’s News Hub, “with the new scrutiny of the CFPB, Paul Sperry of the New York Post uncorked a great article showing that this agency is a fake agency that just funnels tax dollars to left-wing causes and doesn’t do a thing to help ‘protect’ the American consumer.”
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In his December 2 article entitled, “Trump is finally fixing this economy-killing agency,” Sperry revealed many of the non-consumer protection causes that Warren’s agency has supported since it was created during the Obama era.
For instance, this fake agency gave millions to a group that made advertisements for Hillary Clinton. In June of this year, the CFPB gave the Obama-Hillary ad company a $14.7 million contract for “agency media and resource communication.” The CFPB also gave $16 million to create marketing materials to push the Bernie Sanders cause of student loans and mortgages.
That’s in addition to a number of other documented wrongdoings on the CFPB’s part, including:
- Bouncing 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.
- Retaining 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.
- Meeting 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.
- Funneling 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.
The agency also wastes one heck of a lot of money. Six-figure salaries go to 741 employees, or 61% of the CFPB workforce, with one in four taking home $150,00 or more.
And what is there to show for all the work they’re supposedly doing? Nobody seems to know!
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