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Open Discussion Discuss CFPB Collects Fines From Banks And Gives To Left-Wing Activist Groups at the General Forum; The Consumer Financial Protection Bureau (CFPB) was created as part of the Dodd Frank so-called financial sector reform to protect ...

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Old 12-25-2017, 10:35 AM
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Default CFPB Collects Fines From Banks And Gives To Left-Wing Activist Groups

The Consumer Financial Protection Bureau (CFPB) was created as part of the Dodd Frank so-called financial sector reform to protect consumers from lender abuses. The CFPB directors job is a statists dream, no Congressional oversight, an unlimited budget from the Federal reserve and a level of autonomy that would have been the envy of Soviet Kommissar. No wonder radical Leftists like Elizabeth Warren were giddy at its creation.

Free to select almost any target of his choosing the CFPB director chose to circumvent the law's prohibition against his agency meddling in car dealers negotiating interest rates with banks. This required attacking the banks directly. The lack of any evidence was no problem.

Quote:
Because he can’t regulate auto dealers, he targeted banks that finance auto dealers. Because auto dealers are forbidden from collecting racial data on borrowers, the upstream lenders can’t know the race of borrowers. Yet Mr. Cordray charged them with disparate impact based on so-called Bayesian Improved Surname Geocoding, which assigns borrowers to a racial category based on their names and zip codes, though the method is not designed for such purposes and known greatly to overestimate the number of African-Americans in the U.S. car-buying population.

Even this does not do justice to the disingenuousness of the agency’s method. Any person identified as having a black-sounding name who paid a higher rate than the average of people with white-sounding names was deemed to have been a victim of discrimination, never mind that many people with white-sounding names also paid a higher rate. …

By such means the agency fabricated—there is no other word—evidence of racial disparity in auto lending to shake money out of lenders, without effective court appeal, because the agency was able to hold necessary approvals the banks sought from other federal agencies hostage until the banks settled.
No evidence, no problem, anything goes as long as it is labeled in the public interest. But wait, why stop with false evidence when you can pay off activist allies.

Quote:
In 2014, the General Accounting Office (GAO) published a report on the CFPB’s Civil Penalty Fund in response to a request from House Republican Shelley Moore Capito . Keep in mind, the CFPB collects fines for “redress” – direct payment to victims – and as a separate matter levies the “civil penalties,” which it can then allocate to its taste.
Here are examples of the payola recipients.

Quote:
The Legal Aid Society of the District of Columbia, whose directors include senior Democratic National Committee officials; the self-described “policy advocacy” group has lobbied Congress for more welfare spending at least 108 times since Obama took office.

The Mississippi Center for Justice, whose stated mission is “advancing racial and economic justice” and “attacking predatory lending practices.”

People’s Community Action Corp. of St. Louis, which has seated Obama appointees and Democrat lawmakers on its board.

Never mind that the same consumers the CFPB is supposed to protect get to pick up the tab for activists chosen by the Kommissar, the ends justify the means. No wonder Democrats fought so hard to keep the coerced cash flowing.

https://lidblog.com/cfpb-collects-fines/
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