During her time in the U.S. Senate, Elizabeth Warren initiated the creation of the Consumer Protection Financial Bureau, or CPFB.
The CPFB was created in order to watch over the financial industry following the financial crisis in 2008-09.
However, recent reports indicate that Warren’s creation may have been used for something else.
President Trump recently appointed Mick Mulvaney as head of the abovementioned agency. For those of you who don’t know, in the past Mulvaney has publicly opposed the agency by calling it a “joke” and adding that he thinks it should not exist.
Last year, The Wall Street Journal published a very interesting article regarding the Consumer Protection Financial Bureau and titled it “Consumer Financial Protection Racket.”
According to them, the CFPB “has complied record of abuse rivaling that of Washington’s most entrenched bureaucracies and may be operating outside of the parameters of the Constitution.”
They also quoted a few lawyers who at that time were representing a mortgage lender known as “PHH.”
“The President and the Congress have no control over this agency,” the lawyers stated in court. “The only check on this agency is right here, if it isn’t for the judiciary, this agency could do anything it wants.”
It is obvious that the CFPB is completely wasting money. It pays 56 employees more than the 199,700 dollars Federal Reserve Board Chairman Ben Bernanke gets.
Federal Reserve governors receive 179,700 dollars, a figure topped by 111 CFPB workers.
According to an article published by the Gateway Pundit, Warren has been running a complete slush-fund.
“The New York Post’s Paul Sperry reports that the CFPB is engaged in a wide-variety of corruption. Everything from amassing secret ledgers to using penalties to ‘launder,’ funds into left-wing causes. Of course, because the CFPB operates independently of the U.S. Government, a full audit of the agency’s balance sheet have never been done. This sad reality may very well change under Mulvaney’s leadership,” reported the Pundit.
The post discovered that CFPB’s activity has raised quite a few private concerns. In fact, it has secretly created massive consumer databases that increase individual privacy plus corporate liability concerns.
While one is busy sweeping personal credit card information, the other compiles data on the approximately 230 million mortgage applicants while focusing on “race” as well as “ethnicity.”
In June of 2017, the CFPB also awarded the Obama-Hillary ad firm, GMMB, a 14.7 million contract for “agency media and resource communication” and another massive 16 million dollars payday to marketing materials regarding various mortgages as well as student loans.
This is just a piece of the cake. There is a lot of more information exposing the CFPB for the money-laundering organization it is. It should have been terminated a long time ago. Better yet, it shouldn’t have been created in the first place.