A consultant who worked with the highly politicized Consumer Financial Protection Bureau (CFPB) claims the organization funneled a large portion of more than $5 billion in collected penalties back into “community organizers aligned with Democrats” as part of a giant slush fund” according to the New York Post. The Post reports – The CFPB Funneled a large portion of the more than $5 billion in penalties collected from defendants to community organizers aligned with Democrats — “a slush fund by another name,” said a consultant who worked with CFPB on its Civil Penalty Fund and requested anonymity.
Many believe the rogue agency created under the former Obama regime should have simply been disbanded by President Donald Trump last year. However, President Trump did what some consider as the next best thing in putting Mick Mulvaney in charge of it. It seems Mulvaney is doing his best to revamp and redirect the agency after he just fired an entire 25-member team that advised the board –
The Washington Post reports – “Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, fired the agency’s 25-member advisory board Wednesday, days after some of its members criticized his leadership of the watchdog agency.
The CFPB said it will revamp the Consumer Advisory Board, known as the CAB, in the fall with all new members.
The panel has traditionally played an influential role in advising the CFPB’s leadership on new regulations and policies. But some members, who include prominent consumer advocates, academics, and industry executives, began to complain that Mulvaney was ignoring them and making unwise decisions about the agency’s future.
On Monday, 11 CAB members held a news conference and criticized Mulvaney for, among other things, canceling legally required meetings with the group.
On Wednesday, group members were notified that they were being replaced and that they could not reapply for spots on the new board.
In a statement, the agency’s spokesman, John Czwartacki, took a final swipe at the group. “The outspoken members of the Consumer Advisory Board seem more concerned about protecting their taxpayer-funded junkets to Washington, D.C., and being wined and dined by the Bureau than protecting consumers,” he said.
Revamping the board is part of the CFPB’s new approach to reaching out to stakeholders to ‘increase high-quality feedback,’ the bureau said in an email to the group. The CFPB will hold more town halls and roundtable discussions, the letter said, and the new CAB will have fewer members.”
Naturally, the leftist progressive Democrats threw the expected hissy fit and took to the mainstream media to spew the expected talking points – “’Mick Mulvaney has no intention of putting consumers above financial firms that cheat them. This is what happens when you put someone in charge of an agency they think shouldn’t exist,’ Sen. Elizabeth Warren (D-Mass.), who helped conceive of the bureau, said in a statement.
Sen. Sherrod Brown (D-Ohio) said: ‘Mulvaney has proven once again he would rather cozy up with payday lenders and industry insiders than listen to consumer advocates who want to make sure hard-working Americans are not cheated by financial scams.'”
------------------------------------------------------------------------------------------------
◆ Latest news videos:
------------------------------------------------------------------------------------------------
★ CONNECT WITH US ★
◆ Email: ducmanh8659@gmail.com
------------------------------------------------------------------------------------------------
Videos can use content-based copyright law contains reasonable use Fair Use (
0 Comments