Posts Tagged ‘CFPB’


by Stephen Levine on Sunday, April 21st, 2013

This is article 295 of 471 in the topic Government Corruption

There is little doubt in my mind that the Department of Homeland Defense is attempting to become the super-agency controlling both intelligence and law enforcement. Much in the same manner that the newly-formed Consumer Financial Protection Bureau has assumed enforcement duties from all of the major financial regulatory agencies; and even the privately-owned Federal Reserve. The CFPB has insulated themselves from a great deal of Congressional oversight by having the major source of their funding come from the Federal Reserve rather than the congressional budget allocation process.

So, I ask you, will the Department of Homeland Defense make a move on the FBI and wrest control from the Department of Justice based on its apparent error of not monitoring a radical jihadist even though the warning was provided by a foreign government.

Say what you will about the treason that led to the WikiLeaks disclosures involving the military and the State Department, there are some things that are percolating within the halls of government that may not bode well for the American people. Among them, the usurpation of the law-making role of Congress by the Executive and Judicial branches of the government – thus violating the separation of powers intent of the Founding Fathers.

Be vigilant – lest you find our government becoming less and less American as time goes on, at the hands of corrupt politicians driven by their special interests.


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Obama administration tries to soften image of CFPB

by John Lott on Friday, July 13th, 2012

From the WSJ’s Political Diary:

. . . Mr. Cordray talks about why the CFPB brings enforcement officials to routine bank examinations. “I feel like that has been much misunderstood,” Mr. Cordray says. “We want supervision examiners to understand the role of enforcement” and “the enforcement attorneys to understand the role of examination and supervision.” That may be true, but it’s not how any other federal banking regulator has ever done business, and for good reason. Regulators have to build trust with the regulated to encourage transparency and an open channel of communication, especially during times of crisis. The CFPB has done just the opposite by flexing its legal might. Mr. Cordray adds that he expects a “steady stream” of enforcement actions. Hmm. In part two of the American Banker series, Mr. Cordray addressed the financial industry’s other big bugbear: the CFPB’s recent release of a database of unverified consumer complaints against credit-card companies. “It’s a free market of ideas,” Mr. Cordray says, noting the database “puts pressure for everyone to compete with one another over customer service.” Well, that’s one interpretation. But credit-card companies have been fiercely competing with each other for decades, long before the CFPB came into existence. The release of unverified complaints—another unprecedented regulatory move—serves the interest of no one but trial lawyers looking to levy frivolous class-action lawsuits. Mr. Cordray says he understands industry’s “concerns” and will “continue to listen to all sides in terms of how we can improve that database.” How comforting. Mr. Cordray, like his predecessor, Elizabeth Warren, has aggressively argued that the CFPB is a force for good in the U.S. economy and that the lack of a serious congressional check on the agency is nothing to worry about. The American Banker series shows that those arguments, no matter how politely phrased, are far from settled.

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Obama’s second term: plan for a Marxist coup d’etat?

by Stephen Levine on Wednesday, June 13th, 2012

This is article 634 of 1015 in the topic Obama

What has been accomplished so far …

  1. Significant enlargement of government with no discernable benefits to “We the People.”
  2. Placing radicals in top government positions as appointees – soon to be converted to paid, full-time positions of entrenched power and covert leadership.
  3. Continuing economic chaos by out of control spending – mostly to support states and local governments with large public employee unions. Promoting rules and regulations which kill jobs and force employers to outsource in order to compete in a global market. Forcing the automakers to create “energy-efficient” vehicles with an untenable range of only 76 miles per 12-hour (220-volt) charge.
  4. Decimation of Energy Sector with rules and regulations that curtail domestic energy production in favor of continuing foreign dependency. Supporting offshore oil drilling in South America over domestic operations in U.S. offshore waters.
  5. Crippling agriculture development using almost meaningless species to control water rights and subsidies to artificially control crop pricing and usage. Witness food crops being turned into heavily-subsidized ethanol — which has proven to be worthless in achieving energy independence.
  6. Control over the financial sector governing the flow of money by the creation of a “super agency” known as the Consumer Financial Protection Bureau (CFPB) which has usurped regulatory activities from the Federal Reserve, FDIC, Federal Trade Commission and others.
  7. Strengthening the power of the Executive Branch by creating administrative rules and regulations to bypass the legislative responsibilities of Congress.
  8. Strengthening the power of Marxist-dominated federal agencies such as the Environmental Protection Agency and the Department of Homeland Defense.
  9. Weakening the United States Constitution by refusing to protect American sovereignty and giving relatively free reign to illegal aliens. Allowing the Department of Justice to weaken voting procedures which would demand that Constitutional voting is restricted to citizens. Planning for international law, panels and commissions to take precedence over our Constitution and system of law.
  10. Subversion of the “rule of law” by allowing unsecured claims of unions to take precedence over the secured claims of bondholders in the government-staged bankruptcy of General Motors. Allowing more crimes to be federalize in order to insure politically-acceptable results should local judicial prosecution fail to produce “people-pleasing” decisions. Trampling over the private property rights of individuals.
  11. Weakening the United States military by a series of public pronouncements and interference with the good order and conduct of the military.
  12. Weakening America’s security by a consistent pattern of foreign affairs blunders and leaking critical state secrets for political advantage.
  13. Control over individuals using ObamaCare to control an individuals access to life-saving healthcare treatment based on the “norms” of the collective rather than the rights of the individual.

And now …

We are learning that the Obama Administration plans to make “climate change” its top priority in order to take control over our economy by controlling the creation, storage, distribution and sale of energy in the United States. Providing for wealth distribution from United States producers to international Marxist-dominated states and entities.

From the New Yorker Magazine …

The President has said that the most important policy he could address in his second term is climate change,” supposedly to ‘improve the world.’”

Not jobs …

Not the economy …

Not the reduction of government spending …

Not the improvement of infrastructure …

But Climate Change!

What can he be thinking when the United States is in an abysmal state?

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One Republican Senator Supports Obama Recess Appointment of Cordray

by Doug Powers on Thursday, January 5th, 2012

This is article 26 of 118 in the topic Obama Appointments

If you need it, here’s a hint:


Another hint: It’s not Olympia Snowe.

By now you might have guessed it:

U.S. Sen. Scott Brown said he supports President Barack Obama’s decision to name Richard Cordray as the nation’s chief consumer watchdog despite the objections of Brown’s fellow Senate Republicans.

The Massachusetts Republican said in a statement Wednesday that while he would have preferred that the appointment go through the normal confirmation process, the political system is “completely broken” in Washington.

Obama said he was tired of Senate Republicans stalling his nominee to lead the new Consumer Financial Protection Bureau and put him in charge Wednesday over their opposition.

“I refuse to take `no’ for an answer,” Obama said.

Brown said he agreed with the Democratic president.

“I support President Obama’s appointment today of Richard Cordray to head the CFPB. I believe he is the right person to lead the agency and help protect consumers from fraud and scams,” Brown said in a statement.

“If we’re going to make progress as a nation, both parties in Washington need to work together to end the procedural gridlock and hyper-partisanship,” he added.

Capitulating to a president who said “I refuse to take ‘no’ for an answer” is working to end hyper-partisanship?

Brown voted for Dodd-Frank, which contained the creation of the Consumer Financial Protection Bureau, so I guess he’s only trying to be consistent (if it weren’t for Dodd-Frank, a company like MF Global might have been allowed to run away with itself and lose billions — oh, wait…)

At this point it’s clear that Scott Brown’s purpose in the Senate is to give Massachusetts Democrats a Republican to semi-appreciate until it’s time for them to vote for Elizabeth Warren and send him packing in November.

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He’s baaaaack: Obama recess-appoints Dodd-Frank czar

by Michelle Malkin on Wednesday, January 4th, 2012

This is article 25 of 118 in the topic Obama Appointments

Well, he made good on one promise for once.

President Obama has defied the Senate’s rejection of Dodd-Frank czar Richard Cordray and recess-appointed — just as he threatened last month and just as Soros operatives pushed him to do for months. The White House trumpeted the strong-arm move this morning.

The President nominated Mr. Cordray last summer. Unfortunately, Republicans in the Senate blocked his confirmation. They refused to let the Senate go forward with an up or down vote. It’s not because Republicans think Cordray isn’t qualified for the job, they simply believe that the American public doesn’t need a watchdog at all. Well, we disagree.

And we can’t wait for Republicans in the Senate to act. Now, you might hear some folks across the aisle criticize this “recess appointment.” It’s probably the same folks who don’t think we need a tough consumer watchdog in the first place. Those critics might tell you that Wall Street should write their own rules. Or you might hear them say the American people are better off when everyone is left to fend for themselves. Again, we disagree with those critics.

Refresh your memories on Cordray and the expansive new regulatory powers he will now wield here.

Senate Republicans have vowed to block Cordray or any other candidate for the job until key reforms are made to the sweeping law and its half-billion-dollar enforcement arm, the Consumer Financial Protection Bureau. The common-sense changes include subjecting the CFPB to the congressional appropriations process instead of the Federal Reserve; restoring independent judicial review; ensuring that it takes into account the impact of new rules on the safety and soundness of financial institutions; and creating a bipartisan oversight board instead of a single director to run the agency.

Obama himself supported such a panel — before he opposed and demagogued it. As it stands, the bureau remains under the Treasury Department. The minute a director is sworn in, the agency will transfer to the fed for administrative purposes, but will effectively have free rein. The Fed’s authority over it is illusory. And it would be impossible for the Dodd-Frank czar to be removed by a change of administration because his term is five years and his tenure protected.

While crusading as a consumer watchdog who’ll take on Wall Street, Cordray (whom voters booted from the Ohio Attorney General’s Office last fall) is tight with securities class-action lawyers. As Daniel Fisher at Forbes Magazine reported, Cordray has a record of “taking money from lawyers who profit from private litigation that often follows closely on the heels of government investigations.” In other words: Exactly the kind of cozy, crony relationships that created our financial crisis in the first place.

As for Cordray’s ability to police shady behavior by others, his own record as Ohio Attorney General raises more doubts than it allays. When local papers spotlighted shady campaign account-shifting involving nearly $800,000, even a liberal Ohio Citizen Action leader responded: “I’m sure he’s following the letter of the law. It’s certainly not following the spirit of the law.”

Flashback — Obama 2005: Recess appointees are “damaged goods;” Obama 2010: Recess appointments are “critical” need

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Documents reveal generous salaries, bonuses for Obama finance workers

by Jim Kouri on Saturday, October 29th, 2011

This is article 11 of 26 in the topic Public Servants

The Consumer Financial Protection Bureau is barely out of the cradle, but the [Obama] watchdog has no shortage of its own watchdogs already. – Wall Street Journal

According to investigations into the economic crisis, Rep. Frank was able to avoid any blame through trickery and deceit, say critics. Credit: Congressional Press Office Archive

With the Obama Administration and Democrat lawmakers denigrating Wall Street executives and others over their “enormous salaries,” a public interest organization that routinely investigates government corruption obtained government documents this week that reveals the generous salaries and bonuses being paid to federal workers in such agencies as the Obama created Consumer Financial Protection Bureau (CFPB) and the U.S. Commodity Futures Trading Commission (CFTC).

The Consumer Financial Protection Bureau is the new agency set up by the Dodd-Frank Act to monitor the financial products marketed to the general public. However, there are many critics of this additional layer of bureaucracy who believe it was Senator Chris Dodd (D-CT) and Rep. Barney Frank (D-MA) who should have been monitored

While President Barack Obama’s nominee to head the bureau, Richard Cordray, was approved by the Democrat Party-dominated Senate Banking Committee, some believe his approval by the full Senate depends on the bureau giving up some of its far reaching power.

The released documents were obtained as a result of Freedom of Information (FOIA) requests filed on July 12, 2011 with the two agencies by Judicial Watch. The non-partisan group also filed FOIA requests with the Federal Reserve, Office of the Comptroller of the Currency (OCC), U.S. Treasury, and the Securities & Exchange Commission (SEC).

The FOIAs requested Standard Forms 50 (SF-50s) from each of the agencies. An SF-50 is a human resources form that documents any change in a government worker’s employment situation, including pay. The following responses were received:

  • The CFPB responded on August 4, 2011, the SF-50s revealing CFPB workers being hired at salaries twice the maximum ordinarily allowed under guidelines published each year by the Office of Personnel Management. A dozen new hires take home more than $225,000 a year, and a student intern is currently being paid $42,036 “through completion of education & study” as a communications trainee.
  • The CFTC responded on September 12, 2011, but blocked out most of the information on the 26 forms provided. The documents, however, reveal that the agency has instituted a cash award bonus system, and during the first six months of 2011, the agency doled out from $400 to $5,000 in bonus income to employees already earning $225,000 or more per year.
  • The Federal Reserve, responding on August 25, 2011, denied using SF-50s, despite an apparent statutory requirement to do so. It also refused a subsequent request for “Transcripts of Service,” which the agency said it used instead of SF-50s.
  • The OCC responded on August 22, 2011, the SF-50s indicating that 85 workers earn $225,000 or more per year. The employee names, as well as the legal authority under which the pay raises were issued, were blotted out.
  • The U.S. Department of the Treasury, responding on August 25, 2011, indicated that two employees earn more than $225,000, but withheld their names.
  • The SEC responded on October 3, 2011, reporting that 103 workers earn $225,000 or more per year.

Judicial Watch filed administrative appeals regarding the withholding of information by the U.S. Commodity Futures Trading Commission, the Office of the Comptroller of the Currency, and the U.S.

Click to continue reading “Documents reveal generous salaries, bonuses for Obama finance workers”
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Soak the Rich

by Daniel Greenfield on Sunday, October 9th, 2011

“You’re either one of the 99 percent of one of the 1 percent,” reads a sticker on a lamppost near my house. The implication being that if you’re not one of the 1 percent, you should be packing your class warfare kit of cardboard signs, camping gear and iPods loaded with a copy of Paranoid Android and head on over to Wall Street.

Soak the rich isn’t an original slogan, but in this age of NGO’s and a massive white elephant civil service, who are the rich exactly?

Elizabeth Warren explained that the rich are people who build factories but aren’t grateful enough to pay their fair share. Whatever that fair share might be. Warren has good reason to be outraged by business owners who just aren’t paying enough. She’s the one they’re paying the money to.

The Consumer Financial Protection Bureau refused a Freedom of Information Act request to release her salary, but we do have the salary ranges for two assistant directors of sub-offices at the CFPB.

The Assistant Director at the Office of Financial Empowerment, whose job is “developing and implementing policy and programs that empower low and moderate income and underserved consumers to make better informed financial decisions” has a salary range of 185,000 to 247,000 dollars.

The Assistant Director at the, Office of Older Americans, (apparently senior citizens is now politically incorrect) also has a salary range of 160,000 to 235,000 dollars (apparently senior citizens also matter 25,000 to 12,000 dollars less than “underserved consumers”) and his or her job involves “Working with the Associate Director and Deputy Associate Director of Consumer Education and Engagement, as well as senior leaders from across CFPB.” (That’s senior leaders who make a lot of money, nor leaders who are seniors.)

Just how many senior leaders, directors, associate directors and deputy associate directors are there at a single consumer agency? When you find out let me know. But the CFPB has offices in four major cities, pays relocation costs and promises “a highly competitive compensation and benefits package”.

Does the Consumer Financial Protection Bureau really exist to protect consumers or to provide six figure jobs to reliable political allies like Liz Warren?

Here’s a hint, the Dodd-Frank bill didn’t just establish the CFPB, it also created the Office of Financial Research with a neat little caveat exempting them from pay schedule limitations

“COMPENSATION- The Director, in consultation with the Chairperson, shall fix, adjust, and administer the pay for all employees of the Office, without regard to chapter 51 or subchapter III of chapter 53 of title 5, United States Code, relating to classification of positions and General Schedule pay rates.”

In case you happened to miss that, it was only somewhere around the 1000th page under Section 152 D (2 ) right behind the case reading, “Beware of the Barney”. It’s an ironic note in a bill that fusses a bit about executive compensation when they’re private sector executives, but creates an organization with open ended salaries for government employees.

Oh and if you’re still worried whether Elizabeth Warren has enough to eat, her Harvard salary was around 632,000 dollars. Her workload? Teaching a class on contract law twice a week. It’s not exactly shoveling coal in a coal mine. Class warfare it turns out is a game for the rich.

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