another big win..New York Judge Rules Consumer Financial Protection Bureau Unconstitutional

[livingston]

New York Judge Rules Consumer Financial Protection Bureau Unconstitutional Construct…
Posted on June 21, 2018 by sundance
The CFPB was constructed by Elizabeth Warren and her progressive ideologues as an extra-constitutional government agency. This was entirely by design

The CFPB had two two primary, albeit unspoken, functions. First, it was structured as a holding center for fines and assessments against any financial organizations opposed by progressives. Second, it was a distribution hub for the received funds to be transferred to political allies and groups supportive of progressive causes.

To pull off this scheme Elizabeth Warren et al ensured it was structured to allow no congressional oversight; however, it was also structured to have no executive branch oversight – and the funding mechanism for the CFPB budget was directly through the federal reserve. The lack of any legislative or executive branch oversight made the entire scheme unconstitutional according to an earlier court decision.

The CFPB defenders then appealed the decision to a select appellate court in Washington DC to continue the construct. The Warren crew won the appeal; but today, in an unrelated jurisdictional ruling a New York judge affirmed the minority opinion setting up a possible supreme court pathway to get a final decision.
CFPB Interim Director Mick Mulvaney has already said the CFPB needs to be disassembled.

More at ...
New York Judge Rules Consumer Financial Protection Bureau Unconstitutional Construct…

Taking the agency down is perfectly ok with the Trump administration.

 

[livingston]

From the comments section ...
They destroyed some great businesses with excessive fines for violating cfpb regulations that the cfpb refused to give guidance on.

Some of the challenges for businesses in the finacial services sector is that the cfpb imposed business process rules without understanding the negative impact on the final result- an arduous process that does not reflect real world experience and lending rules that reject qualified businesses and consumers.

For instance, in my work, a very specific sequence of dislosures has to be concluded before the next step can be completed, at several different stages of the process. Bureaucrats love it but it doesnt match what works best for the consumer and companies were fined for violating these process types of isses. If a loan isnt fully compliant with the regulations, it can’t be sold at full price on the secondary market. Many lenders aren’t set up to hold loans on their books (they will run out of captal to lend), so the cfpb has caused all the regulated businesses to be very strict, which exhausts and frustrates customers and turns the process into a full time job for the consumer.

The cfpb was set up to protect the consumer. That was a lie. There were and are all the necessary laws and regulations on the books before the cfpb was created to protect consumers. The agencies (dept of real estate, fdic, office of the comptroller, sec, hud, etc) the regulators and LEO were the perpetrators of the fraud but, just like the everyday man and woman has been made to suffer with TSA because our gov would not deal with open borders, our gov imposed the cfpb on us to to make up their losses during the crash, and make us suffer because they crashed the world economy.

The cfpb regulated businesses through finding violations, sometimes after a rule was imposed (yes, I have read these accounts), and knew how to cripple the business or put them out of business because every financial services company has to provide complete financial statements on the business as well as the owner on a regular basis. They picked winners and losers, and funded their progresive causes and their fantastically new and expensive headquarters with the penalties from regulations the wrote, enforced, prosecuted, fined, which they get to keep. What could go wrong?

 

[C3D]

Notice it was only ruled unconstitutional after Trump put it in a new director who brought the agency back on track. You can bet if Richard Cordray was still in charge that it would be the most constitutional agency ever.

 

[Jmac00]

Im wondering if those businesses that were affected can turn around and sue the CFPC for lost income and return of fines

 

[Burzum]

The CFPC at best was another one of those half measures, what was needed was the reinstatement of Glass-Steagall which kept a firewall
between commercial and investment banking since after the Great Depression, instead we just institutionalized too big to fail in the aftermath of the 2008 meltdown and looked the other way.

BOTH parties lick the balls of Wall Street power brokers, power brokers who regard us peasants as chaff.