Massachusetts Senator Elizabeth Warren’s biggest achievement from her time in Congress has been the creation of the Consumer Protection Financial Bureau, or CFPB, which was created to act as a watchdog for the financial industry following the 2008-09 financial crisis. Now, however, what she was really doing with the agency has been discovered, and it’s not good.
It was just reported that Trump just appointed Mick Mulvaney to head the CFPB. This is bad for Warren, considering that Mulvaney once called the agency a “joke” and said he does not think it should even exist. Mulvaney is the right man to run this agency, however, since he knows what a nightmare it really is.
In a blistering Wall Street Journal piece last year, the newspaper’s editorial board took the hammer to the law. It stated that 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.” The WSJ also quoted lawyers representing a mortgage lender called “PHH,” which had been appealing the CFPB increasing a $6.4 million penalty the firm already owed to an additional $105 million.
“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.”
The CFPB is clearly an unconstitutional agency that has no problem wasting money. The agency pays 56 employees more than the $199,700 Federal Reserve Board Chairman Ben Bernanke receives. Federal Reserve governors get $179,700, a figure exceeded by 111 CFPB workers, while six-figure salaries go to 741 employees, or 61% of the CFPB workforce, with one in four taking home $150,00 or more.
With this agency, Warren has basically been operating an alleged slush-fund. The New York Post reported that CFPB also has:
- •Bounced 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.
- •Retained 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.
- •Met 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.
- •Funneled 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.
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