Independent Sentinel "The Consumer Financial Protection Bureau (CFPB) was created by the Obama Administration under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. CFPB’s stated purpose is: “to ensur[e] that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive,” Writes Thaya Brook Knight, a finance expert from the Cato Institute, in The Hill. “The CFPB, however, strays well beyond this purpose and, in many cases, frustrates its own mission by limiting consumer access to needed products.”
"One instance is the Bureau’s recent issuance of a rule that “will all but eviscerate the payday lending sector. These loans, while expensive, often fill a gap and can be lifelines for vulnerable people,” writes Knight.
"She also charges that the Bureau invaded areas that have nothing to do with consumer finance. An example is: “It attempted to investigate the accreditation process for for-profit colleges, issuing a subpoena for documents.”
"One instance is the Bureau’s recent issuance of a rule that “will all but eviscerate the payday lending sector. These loans, while expensive, often fill a gap and can be lifelines for vulnerable people,” writes Knight.
"She also charges that the Bureau invaded areas that have nothing to do with consumer finance. An example is: “It attempted to investigate the accreditation process for for-profit colleges, issuing a subpoena for documents.”
"This was knocked down by an appeals court." . . .
"The court decided to remedy that constitutional defect by requiring that the director serve at the will of the President. See page 10 of the decision:
General counsel for the CFPB disagrees with Elizabeth Warren on agency head replacementWe therefore hold that the CFPB is unconstitutionally structured….
To remedy the constitutional flaw, we follow the Supreme Court’s precedents,… and simply sever the statute’s unconstitutional for-cause provision from the remainder of the statute. Here, that targeted remedy will not affect the ongoing operations of the CFPB. With the for-cause provision severed, the President now will have the power to remove the Director at will, and to supervise and direct the Director. . . .
Acting CFPB Director Mick Mulvaney Holds Brilliant Press Conference . . . "The CFPB is the product of far-left progressives, specifically Elizabeth Warren, initially setting up a financial control agency that operates without congressional oversight. The Bureau construct was challenged in court and ruled ‘unconstitutional’. That’s the backdrop for this press conference today with Acting Director Mick Mulvaney." . . .
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