by Sundance at The Conservative Treehouse
The Consumer Financial Protection Bureau (CPFB) was originally created by congress (Elizabeth Warren lead) as a quasi-constitutional watchdog agency to reach into the banking and financial system, under the guise of oversight, and extract money by fining entities for CFPB defined regulatory and/or compliance violations.
Essentially, the CFPB is a congressionally authorized far-left extortion scheme in the banking sector. The CFPB levies fines; the fines generate income; however, unlike traditional fines that go to the U.S. treasury, the CFBP fines are then redistributed to left-wing organizations to help fund their political activism.
The Consumer Financial Protection Bureau (CFPB) was the brainchild of Senator Elizabeth Warren as an outcome of the Dodd-Frank legislation. Within the CFPB Warren tried to set up the head of the agency, the Director, in a manner that that he/she would operate without oversight. Unfortunately, her dictatorial-fiat-design collapsed when challenged in court. Backstory #1 – Backstory #2
Previously, a federal court found the CFPB Director position held too much power and deemed it unconstitutional. The court decision noted that giving the President power to fire the Director would fix the constitutional problem. However, a second set of legal challenges targeted the core of the CFPB scheme, the financing…
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