Congress – Do Your Job and End the CFPB

by: Brent Smith at the Common Constitutionalist

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The Consumer Financial Protection Bureau (CFPB) was created out of the disaster that is Dodd-Frank. Mark Levin claims it is unconstitutional. And if he says it is – it is. It clearly violates the separation of powers in the Constitution.

In fact, in 2016, the DC Circuit Court of Appeals ruled that the mere structure of the CFPB violates Article II of the Constitution, as it gives broad, unchecked authority to a single individual – the director of the Bureau. Writing the majority opinion, Judge Brett Kavanaugh wrote that, “When the CFPB was established, it was structured to be headed by a single director rather than a multi-member commission. The director wields ‘enormous power,’ with the power to enforce 19 federal consumer protection statutes. The director can alone decide what rules to issue, how to enforce the laws, and what sanctions to impose.”

“No head of an independent agency has operated without a check on his or her authority—until now,” added Kavanaugh. It makes the director, radical leftists Richard Cordray, “In essence, the President of Consumer Finance,” and “the single most powerful official in the entire U.S. government, other than the president.” read more

Shut Down the CFPB – Save the $650 Million

from IBD:

Like so many bureaucracies, the Obama-era Consumer Financial Protection Bureau, a creation of the Dodd-Frank financial reform bill, began with the very best of intentions. But it has failed to do its job. Following the resignation of CFPB chief Richard Cordray, it’s a good time to consider shutting down the agency altogether.

CFPB is often mischaracterized as a “consumer watchdog” in the mainstream media. Consumer attack dog is more like it.

Set up to protect consumers from predatory lenders and rogue banks, the CFPB has in fact led to less credit for financially troubled Americans, and is arguably not even legal. And no, that’s not just our opinion.

An October 2016 Supreme Court ruling found CFPB’s structure to be unconstitutional, a violation of the separation of powers in the nation’s supreme law. read more

Dodd-Frank Will Rescue Us From Pay Day Lenders

By: the Common Constitutionalist

Short term or “Pay Day” loans have really drawn the ire of the peoples’ president, Barack Obama. So devastating are these loans to the poor and otherwise less fortunate, that Dodd-Frank, the gift that keeps giving, created another useful and desperately needed government agency – the Consumer Financial Protection Bureau (CFPB).

The LA Times reported that this began the “first federal oversight of payday lenders in 2012 amid strong criticism of the industry from fair lending and public interest groups.”

Well, I guess my work here is done and my article complete. I mean – the feds created a new bureaucracy to monitor and deal with evil, predatory Pay Day lenders, so – problem solved. Let’s move on to the next crisis.

Oh – it’s not? Let’s continue then.

Pay Day lenders are none too happy with our president – who’s just looking out for the folks and preventing lenders from laying on the “okie doke” to unsuspecting consumers. The Times claims that the “payday loan industry has argued that the loans are an important financial bridge for some consumers and that regulations should not be too onerous.” Just onerous enough I suppose. read more