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Trump Gets Chance To Reshape CFPB

Discussion in 'Politics Forum (Local/National/World)' started by searcher, Nov 18, 2017.



  1. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Trump Gets Chance to Reshape CFPB

    Posted on November 17, 2017 by Jerri-Lynn Scofield

    By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She now spends much of her time in Asia and is currently working on a book about textile artisans.


    Richard Cordray announced on Wednesday that he’ll step down as director of the Consumer Financial Protection Bureau (CFPB) by month-end.

    Cordray has yet to reveal what he intends to do next— but it’s rumored he’s planning to run for governor of Ohio.

    Trump will be able to name a new agency director, who– if confirmed by the Senate– will shift rule-making and enforcement policies in a more bank-friendly direction.

    When Congress created the CFPB in 2010 in the Dodd-Frank act, it specifically structured the agency so as to insulate it from political pressure. That means that the President can only fire its director for cause. Thus far, Trump hasn’t been able to shape the direction of agency operations by replacing Cordray.

    The usual mainstream media suspects– see the New York Times in Mulvaney Expected to Run Watchdog Agency He Wanted to Kill, for example— lauded Cordray’s tenure, giving him undue credit for pursuing an aggressive consumer financial protection agenda, “During his tenure, the agency gained a reputation as an active watchdog for the financial rights of consumers.”

    Yet these plaudits are undeserved. The agency failed to pursue aggressive agenda in areas such as foreclosure abuses and student loan servicing.

    In addition, the CFPB made basic tactical errors—especially its delay in promulgating a rule banning mandatory arbitration in consumer financial contracts. Such widespread, “voluntary” clauses prevent consumers from pursuing class action lawsuits.

    Despite producing a comprehensive study on these clauses in December 2013, the agency dilly dallied and failed to issue a final rule until July. This slow walking allowed Congressional Republicans and Trump to overturn the rule earlier this month under special procedures authorized under the Congressional Review Act (CRA)– as I discussed further in RIP, CFPB Mandatory Arbitration Ban.

    We Ain’t Seen Nothing Yet

    To say that the CFPB underperformed under Cordray is not to deny that things won’t get worse now that Trump can name a new CFPB director. As has been widely reported, his first move is likely to be to name Mike Mulvaney, current head of the Office of Management and Budget (OMB) and a fierce critic of the CFPB, as interim director until a permanent replacement is nominated and confirmed by the Senate. Mulvaney would continue to hold his OMB position while serving as CFPB interim director.

    The Wall Street Journal reports in Trump Is Expected to Name OMB Director Interim Head of Consumer Regulator:

    At his OMB confirmation hearing in early 2017, Mr. Mulvaney called the CFPB “one of the most offensive concepts” in the U.S. government and said he stood by an earlier comment describing it as a “sad, sick joke.”

    Trump has had a major impact on several areas of regulation, especially financial regulation and environmental policy, by selecting hatchet-wielding Cabinet officers and tasking them with pursuing a deregulatory agenda, as I discussed further in these posts, New EPA Lawsuit Policy Advances Trump’s Deregulatory Agenda and Financial Regulatory Rollback Proceeds.

    As the Washington Post further notes in Richard Cordray is stepping down as head of Consumer Financial Protection Bureau when discussing how to achieve regulatory rollback:

    The most efficient way, industry officials say, to remake the rules is through appointing new regulators who can change an agency’s focus, tone and priorities. Cordray’s departure “will complete the Team Trump take over of the regulatory agencies. It should mean by summer there are Republicans running all of the banking agencies,” said Jaret Seiberg, an analyst with Cowen and Co.’s Washington Research Group.

    Whoever is installed as director, the long-anticipated departure of Cordray has already had an effect on ongoing enforcement activities, as Reuters reports in Financial firms stall settlement talks amid U.S. consumer watchdog upheaval:

    The departure of Richard Cordray at the end of the month gives companies being pursued by the CFPB for alleged predatory lending practices added incentive to stall settlement talks until Republican President Donald Trump puts his own appointee in place, lawyers and analysts say.

    ….

    Behind the scenes, other firms have been dragging out settlement talks – spending months wrangling over the extent of their liability, how consumers should be compensated and penalties calculated – all the while hoping for a sympathetic regime change, several lawyers working on dozens of cases told Reuters.

    These companies will be emboldened to continue to hold out for better settlement terms in the belief new leadership at the CFPB will be unlikely to take them to court if they do not play ball.

    On the enforcement side, the impact of the appointment of a new director would extend beyond potential settlements. Turning again to the Reuters piece cited above:

    A Trump appointee likely would review all the CFPB’s pending litigation and pre-litigation enforcement actions, and could ultimately drop borderline cases or move to swiftly settle them on generous terms, lawyers and analysts said.

    They highlighted the CFPB’s current actions against TCF, Navient, mortgage servicer Ocwen Financial Corp. N>, mortgage company PHH Corp. and consumer finance group World Acceptance Corp. as cases that might be quickly resolved. Shares in these companies closed up on Wednesday, when Cordray announced his departure.

    And on the rule-making side, a new director is expected to shift CFPB’s approach significantly, in the following ways, as the Chicago Tribune reports in Trump is said to consider tapping Mulvaney for CFPB overhaul:

    An interim director could immediately change the tone at the CFPB by making it more friendly to banks, halting work on unfinished regulations and slowing down rules that haven’t yet taken effect.

    A temporary head could also have a major impact on the CFPB’s oversight of specific companies. Investigations into wrongdoing might be shut down and supervisory exams could be less intrusive.

    Another expected target of a Trump-installed director would be the CFPB’s database of consumer complaints. Hated by banks, it allows the public to review grievances about specific firms and has been used by the CFPB to open investigations. Getting rid of the database entirely may be difficult, according to some lawyers, but it’s within the director’s authority to make it private and to temporarily shut it down.

    The Bottom Line

    The Cordray-led CFPB proved to be a major disappointment to consumer advocates. Under a Trump-nominated director, the situation will only worsen, with the CFPB expected to scale back the scope and range of it activities drastically.

    This entry was posted in Banking industry, Credit cards, Guest Post, Politics, Regulations and regulators on November 17, 2017 by Jerri-Lynn Scofield.

    https://www.nakedcapitalism.com/2017/11/trump-gets-chance-reshape-cfpb.html
     
  2. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Rather see it eliminated than reshaped. Just moar unnecessary parasites doing nothing useful.
     
  3. hammerhead

    hammerhead Not just a screen name Gold Chaser

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    This should be a good show down. The newly appointed deputy director, Leandra English has just tried to get a judgement against having Mick Mulvaney becoming acting director.
     
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  4. Buck

    Buck Fabian Society Gold Chaser

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    What non-sense, utter trash
    Just another hit piece

    As far as I'm concerned, I agree with solarion, just gut the entire department, terminate all department heads and administrators

    Really give the shaft to a Public Workers Union!
    :2 thumbs up:
     
  5. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    CFPB Official Sues Trump Administration Over Agency Leadership
    Leadership contest is the latest battle to control agency’s direction

    By
    Yuka Hayashi
    The Wall Street Journal
    Updated Nov. 26, 2017 11:34 p.m. ET


    WASHINGTON—An Obama-era official at the Consumer Financial Protection Bureau sued the Trump administration on Sunday night to block budget director Mick Mulvaney from taking control of the agency.

    Leandra English, a career staffer appointed Friday to lead the CFPB by former director Richard Cordray, filed the lawsuit in federal court the night before the bureau was set to reopen with dueling temporary leaders vying to take it over. In doing so, she touched off a legal fight that will trigger court interpretations on how different statutes regarding succession apply to the unusual struggle over control of a federal agency.

    President Donald Trump asserts he has the power to appoint an acting director, while the departing chief believed the law said otherwise.

    Last-minute maneuvering by Mr. Cordray means that come Monday morning, two officials have a claim on the acting top job: Mr. Mulvaney, who also serves as head of the Office of Management and Budget, and Ms. English.

    The lawsuit, filed at the U.S. District Court for the District of Columbia, escalates the confrontation between the White House and the Obama-era leadership of the CFPB, an independent agency created after the financial crisis.

    Related
    Ms. English, a former chief of staff, was appointed by Mr. Cordray as deputy director so she could assume the role of acting director of the agency under a provision in the Dodd-Frank financial law, which created the CFPB.

    Calling herself the “rightful acting director” of the bureau, Ms. English is seeking a judgment and a temporary restraining order to prevent Mr. Mulvaney from becoming interim CFPB chief.

    “Ms. English has a clear legal entitlement to the position of acting director of the CFPB,” the lawsuit said. “The president’s purported or intended appointment of defendant Mulvaney as acting director of the CFPB is unlawful.”

    Mr. Trump’s appointment of Mr. Mulvaney, a harsh critic of the CFPB, is based on the Federal Vacancies Reform Act, which sets rules for vacant government agency positions and gives the president authority to appoint an acting director.

    In a memo issued Saturday, the Justice Department argued the vacancies law gives the president power for “temporarily authorizing an acting official to perform the functions and duties” of the CFPB’s director. The department acknowledged that Dodd-Frank permits a properly appointed deputy to serve as temporary director, but that “doesn’t displace the president’s authority under the Vacancies Reform Act” to appoint an acting director.

    Ms. English wants the court to decide that the Federal Vacancies Reform Act doesn’t control the appointment of a temporary CFPB director and to block any temporary Trump appointment.

    Deepak Gupta, a former CFPB lawyer who has sued the Trump administration previously, is the lead attorney representing Ms. English.

    In a written statement, White House spokeswoman Sarah Huckabee Sanders said, “The administration is aware of the suit filed this evening by deputy director English. However the law is clear: Director Mulvaney is the acting director of the CFPB.”


    The White House also released a memo from CFPB General Counsel Mary McLeod in which she advised senior CFPB officials to “act consistently with the understanding that Director Mulvaney is the acting director of the CFPB.” The memo by Ms. McLeod, who was hired by Mr. Cordray, was dated Saturday.

    The unfolding drama is the latest twist for the CFPB, which has been mired in partisan battles since the 2010 Dodd-Frank Act created the agency in the wake of the financial crisis. Democrat Elizabeth Warren, now a leading critic of Wall Street in the Senate, was the brain behind the agency’s birth. Many of the staff joined the agency as enthusiastic supporters of its mission.

    Until the lawsuit was filed, CFPB officials had remained silent since Mr. Cordray’s announcement Friday on his resignation and Ms. English’s appointment. Agency spokesmen didn’t respond to repeated requests for comment. Neither Ms. English nor Mr. Cordray could be reached for comment.

    The president has promised to install a more business-friendly leadership at the nation’s regulatory agencies. As acting director, Mr. Mulvaney would have full authority to implement changes at the bureau and is expected to do so aggressively.

    The former Republican House member from South Carolina once called the CFPB a “sad, sick joke” and has called for an overhaul of the agency, including curtailing its budget. Other possible actions include delaying the enactment of a recently issued rule on payday lending, amending a 2013 mortgage rule that tightened underwriting standards, and reassessing pending lawsuits against companies such as student-loan servicer Navient Corp.

    Mr. Mulvaney said in a statement Friday that “Americans deserve a CFPB that seeks to protect them while ensuring free and fair markets for all consumers.”

    On Saturday, Mr. Trump called the Obama-era leadership of the agency a “total disaster,” adding that financial institutions “have been devastated and unable to properly serve the public.”


    The White House has said Mr. Trump will eventually nominate his own choice for the next permanent director of the CFPB, who then needs to be confirmed by a simple majority in the Senate.

    Financial industry experts expressed alarm at the uncertainty created by the fight.

    “If there has been one consistent criticism of the CFPB, it’s a lack of predictability, and we are now left with the greatest uncertainty since the bureau was established,” said Ben Olson, a Buckley Sandler lawyer and a former CFPB official who advises financial companies.

    “You now don’t know whether the people you are interacting with have the authority to sanction you, or to advise you on the proper course of conduct,” Mr. Olson said.

    The competing claims on the interim leadership had lawmakers lined up in partisan camps on Sunday.

    “It’s a watchdog agency, Wall Street hates it like the devil hates holy water, and they’re trying to put an end to it with Mr. Mulvaney stepping into Mr. Cordray’s spot,” said Sen. Dick Durbin (D., Ill.). “But the statute, it’s specific and it’s clear and it says the deputy shall take over.”

    Sen. Lindsey Graham (R., S.C) said he thinks Mr. Trump is on “good ground here to appoint somebody under the vacancy statute.” The agency, he said, “is the most out of control, unaccountable federal agency in Washington,” and he hopes Mr. Mulvaney will “ride herd on these folks.”

    The CFPB was created in response to criticism that the previous regulatory structure didn’t prevent a mortgage-market meltdown because the responsibility for consumer protection was scattered among various agencies. To allow the CFPB to work quickly, lawmakers designed the bureau to be independent, stating that its single director could only be dismissed by the president for “inefficiency, neglect of duty or malfeasance in office” and insulating its budget from congressional oversight.

    CFPB moves drew praise from consumer advocates and Democrats. But Republican lawmakers and the financial industry have long criticized the CFPB as a symbol of government overreach, saying its aggressive rules and supervisory and enforcement activities have increased compliance costs and reduced credit availability for the vulnerable consumers the bureau was created to protect. The pushback has been particularly strong from industries that had previously been regulated lightly, such as payday and auto lending.

    Republicans have proposed curbs to the CFPB’s power, including turning it into a commission, giving Congress control of its budget and narrowing the scope of its regulatory powers that would leave it primarily an enforcement agency.

    —Ian Talley contributed to this article.

    Write to Yuka Hayashi at yuka.hayashi@wsj.com

    Appeared in the November 27, 2017, print edition as 'Trump Is Sued In CFPB Battle.'

    https://www.wsj.com/articles/showdown-looms-at-consumer-financial-protection-bureau-1511745899
     
  6. latemetal

    latemetal Platinum Bling Platinum Bling

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    Spoken like a true banker, bravo...
     
  7. hammerhead

    hammerhead Not just a screen name Gold Chaser

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    I've been seeing many banks merging. The 10% required asset for lending is making it difficult for smaller banks to lend so they team up with other banks or allow a buy out of their own to accommodate the lending requirements. Thus creating even bigger banks. Too big to jail?
     
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  8. GOLDBRIX

    GOLDBRIX God,Donald Trump,most in GIM2 I Trust. OTHERS-meh Site Supporter Platinum Bling

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    Especially when they fail to do THE JOB!!
     
  9. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    Fouxcahontas is losing what's left of her tiny mind.
    These people aren't smart enough to make policy because somebody else will turn their own plans against them.
    Which is exactly what Mick Mulvaney is going to do.

    BREAKING: CFPB Legal Counsel Agrees With President Trump on Appointment Authority…
    Posted on November 26, 2017 by sundance

    What’s this? …MORE winning? …Sheesh. Well, just add it to the pile in the corner over there, along with all the other winning we haven’t got around to yet.

    [​IMG]

    The internal legal counsel for the Consumer Financial Protection Bureau (CFPB) has just agreed with the White House Office of Legal Counsel that President Trump has full authority to appoint OMB Director Mick Mulvaney as the acting head of the agency.

    Oh noes, Princess Moonbat Feathers is gonna have a ‘splodey head in 3…. 2…. 1

    WASHINGTON (Reuters) – The top lawyer for the U.S. Consumer Financial Protection Bureau (CFPB) has concluded that President Donald Trump has the authority to name its acting director, three sources familiar with the matter said on Sunday, rejecting an effort by her former boss at the agency to name his immediate successor.

    The office of CFPB General Counsel Mary McLeod has prepared a memo concurring with the opinion of the U.S. Justice Department that Trump has the power to appoint his budget chief, Mick Mulvaney, as temporary leader of the federal watchdog agency, according to the sources, who spoke on condition of anonymity.

    One source said the memo would be sent to CFPB staff on Monday.


    CFPB officials did not respond to requests by email and phone requesting comment. (read more)

    [​IMG]

    https://theconservativetreehouse.co...ith-president-trump-on-appointment-authority/
     
    Glasgow likes this.
  10. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    The CFPB can also be weaponized and used for political purposes such as frivolous lawsuits and payouts that go to political appointees. The CFPB could theoretically do the exact opposite of what it was intended to do with no external oversight whatsoever...but that would never happen.
     
  11. southfork

    southfork Mother Lode Found Mother Lode

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    When will Sessions clean this fucking swamp, it gets deeper daily , this is a fking joke
     
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  12. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    tramp stands on long precedence in a legal battle,

    whereas the kenyan set up some recent laws which is what the lawsuit is based on,

    it becomes a 'supremes' litigation as to who has ultimate command and control.

    I am with tramp in that the dept should either be exterminated in total, or under the guidance of the elected group.

    If as they currently sue for, independent and unrestrained ability to raise hell, it will have the ability to be a permanent back door entry deep within .gov.
     
  13. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    You just described exactly why hussein and fouxcahontas set it up. This was just another slush fund for the demonrats.
    No wonder she's pissed Mulvaney was against it from the beginning and now he can scrap it from the inside.

    .
     
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  14. latemetal

    latemetal Platinum Bling Platinum Bling

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    This clown?[​IMG]
     
    Last edited: Nov 27, 2017
    searcher likes this.
  15. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    Acting CFPB Director Mick Mulvaney Holds Brilliant Press Conference – Video…
    Posted on November 27, 2017 by sundance

    Make Sure You Watch The Video:
    OMB Director Mick Mulvaney is covering as ‘Acting Director‘ for the Consumer Financial Protection Bureau (CFPB) until a permanent replacement is nominated by President Trump. As most people are aware the Democrats are apoplectic about their holy grail bureau being under oversight of Mr. Mulvaney, and they have attempted legal maneuvers to stop the Trump administration from authority within the agency.

    The Department of Justice, White House Office of Legal Counsel, agreed with President Trump’s authority to appoint an ‘acting director’. The legal counsel within the CFPB also agreed that President Trump was well within his authority to appoint Mulvaney. However, that didn’t stop a bureau employee named Leandra English from filing a weakly positioned lawsuit trying to stop Director Mulvaney.

    A federal judge listened to the argument of CFPB employee Ms. English a few hours ago. Judge Tim Kelly did not make an immediate ruling. Instead, the DOJ will file a response to the pleading later tonight and Judge Kelly said he’ll take a look and make a decision from there.

    The CFPB is the product of far-left progressives, specifically Elizabeth Warren, initially setting up a financial control agency that operates without congressional oversight. The Bureau construct was challenged in court and ruled ‘unconstitutional’. That’s the backdrop for this press conference today with Acting Director Mick Mulvaney.

    .

    “Only one person who today showed up at work claiming to be director.” “She wasn’t here.” “In the ordinary world, if you don’t call, you don’t show, you don’t have a job the next day, but I’m not sure how it works here.”


    [​IMG]

    The CFPB was created to work as a legal money laundering operation for progressive causes by fining financial institutions for conduct the CFPB finds in violation of their rules and regulations; and then using the fines to fund progressive organizations and causes. That’s the real underlying reason why the Democrats are so fraught with anxiety right now.

    Elizabeth Warren set up the bureau to operate above any oversight. Additionally, the bureau was placed under spending authority of the federal reserve. The CFPB gets it’s operating budget from the Federal Reserve, not from congress. Again, this was set-up to keep congress from defunding the agency as a way to remove it. Everything about the way the CFPB was structured was done to avoid any oversight. Hence, the court finding the agency held too much power, and deemed the Directors position unconstitutional.

    Mick Mulvaney is now in a position to look at the books, look at the prior records within the bureau and expose the political agenda within it to the larger public. That is sending the progressives bananas.

    Most likely President Trump will not appoint a replacement until Mulvaney has exposed the corruption within it. That sunlight is toxic to Elizabeth Warren and can potentially be politically destructive to the Democrats. If the secrets within the bureau are revealed, there’s a greater likelihood the bureau will be dissolved.

    There are billions of scheme and graft at stake. Within the record-keeping there are more than likely dozens of progressive organizations being financed by the secret enterprise. That’s the risk to the SWAMP.

    [​IMG]

    BACKSTORY:

    [​IMG]The Associated Press

    ✔@AP


    Trump pick Mick Mulvaney imposes freeze on hiring, new rules as he moves to take control of consumer protection bureau; Dems meet with interim bureau head. http://apne.ws/iUY5npi

    4:46 PM - Nov 27, 2017
    [​IMG]
    The Latest: Senate Dems meet with interim leader amid fight
    WASHINGTON (AP) — The Latest on the Consumer Financial Protection Bureau's acting director position (all times local): 4:25 p.m. In a show of support,

    apnews.com


     
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  16. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    Damn, the arrogance of these leftists! They must be very afraid of what Mulvaney will find in the books......

    Mick Mulvaney Goes To Work at CFPB – Leandra English Goes To Meeting W/ Senator Warren and Schumer…
    Posted on November 27, 2017 by sundance
    BACKSTORY:

    Everything you need to know to understand the Consumer Financial Protection Bureau back-story is contrast against Mick Mulvaney and Leandra English today. Director Mulvaney goes to the CFPB office to review the CFPB transition guidance, while Leandra English runs to a meeting on capital hill with Senator Chuck Schumer and Senator Elizabeth Warren.

    Mr. Mulvaney is focused on the job and tasks at hand. Ms. English is focused on the internal politics within DC. ‘Nuf said. Pretty obvious where each establishes their priorities.

    [​IMG][​IMG]

    Last night CFPB employee Leandra English (pictured above) filed a lawsuit to install herself as the acting director of the CFPB. This action was despite the legal guidance by the department’s own top lawyer Mary McLeod who informed all CFPB employees that President Trump has the legal authority to appoint the interim director of the agency:


    [​IMG](LINK TO THREE-PAGE MEMO)

    (Via Reuters) […] Mulvaney and English both issued statements on Monday morning indicating they were in charge of the 1,600-employee CFPB.

    English sent an email in which she welcomed staff back from the Thanksgiving holiday and signed off as “acting director,” according to a source.

    But Mulvaney quickly installed himself in Cordray’s former office and stood his ground, writing an hour later:

    “Please disregard any instructions you receive from Ms. English in her presumed capacity as Acting Director,” he said in a staff memo seen by Reuters. “If you receive additional communications from her today … please inform the General Counsel.”

    Mulvaney also signed off as “acting director” and invited staff to pop by his fourth-floor office to “grab a donut.” Mulvaney’s communications director tweeted a picture of him “hard at work as acting director” with the bureau’s transition briefing handbook on his desk.


    [​IMG]

    English was due to meet later on Monday with senior Senate Democrats, including Minority Leader Chuck Schumer and Warren, her office said.

    As Mulvaney was getting settled in, the source told Reuters, CFPB general counsel Mary McLeod sent a memo to the CFPB’s legal division agreeing with the U.S. Justice Department that Trump had the power to appoint Mulvaney as temporary leader of the watchdog. (read more)

    U.S. Senator Tom Cotton reacts to Ms. English attempting to install herself as acting director for the CFPB:

    Washington, D.C.Senator Tom Cotton (R-Arkansas) tonight released the following statement on the recently filed lawsuit to install Leandra English as acting administrator of the Consumer Financial Protection Bureau:

    “The Consumer Financial Protection Bureau is a rogue, unconstitutional agency. Leandra English’s lawsuit to install herself as acting director against the president’s explicit direction is just the latest lawless action by the CFPB.

    She doesn’t have a legal leg to stand on, as her own general counsel has conceded and the Department of Justice has concluded. The president should fire her immediately and anyone who disobeys Director Mulvaney’s orders should also be fired summarily. The Constitution and the law must prevail against the supposed resistance.” (link)

    19h
    [​IMG]Chris Geidner

    ✔@chrisgeidner

    Replying to @chrisgeidner
    Here’s our @BuzzFeedNews story on what’s happening with the CFPB, from @MattZeitlin & @grace_lightning —> https://www.buzzfeed.com/matthewzeitlin/the-fight-to-lead-the-consumer-financial-protection-bureau?utm_term=.hpz7PgDOdK#.hpz7PgDOdK …


    [​IMG]Chris Geidner

    ✔@chrisgeidner


    Leandra English's CFPB case has been assigned to Judge Timothy J. Kelly, a Trump nominee who was confirmed to the bench in September. pic.twitter.com/9nlzl7nSER

    12:45 PM - Nov 27, 2017
    [​IMG]

    Twitter Ads info and privacy




    View image on Twitter
    [​IMG]

    [​IMG]Zoe Tillman

    ✔@ZoeTillman


    Just in: DC federal judge schedules a hearing for today at 4:30pm in the fight over who is leading the CFPB right now. Earlier: https://www.buzzfeed.com/matthewzeitlin/its-day-one-at-the-new-cfpb-and-its-pretty-wild?utm_term=.tuMVgD0KqW#.uupR2EJWyQ …

    2:29 PM - Nov 27, 2017


    The Daily Caller has a great write-up on the toxic political stew that exists within the CFPB as it was constructed by Senator Warren and Leandra English. It’s quite an eye-opener into the workplace:

    EXCERPT: People know Mulvaney, but who is Leandra English?

    TheDCNF spoke to current and former employees of the embattled bureau about English and the culture she had created in her various positions.

    Many former and current CFPB employees told TheDCNF about their reactions to English receiving the acting director position.

    “Her rapid ascension within the CFPB and the series of promotions seems consistent with the CFPB culture, which is full of cronyism,” said one long-time former CFPB employee.

    “It was surprising because many hard-working employees had to file lawsuits and grievances just to get promoted one step at the CFPB,” the former official told TheDCNF in an interview.

    English, along with Warren, spearheaded a culture of secrecy within the bureau that appears to permeate throughout the agency and would later infuriate Congress.

    Warren and the Democratic Congress housed CFPB inside the Federal Reserve, which is independent of Congress.

    The transfer of CFPB into the Fed allowed the bureau to circumvent congressional oversight. Even its annual budget is outside of the regular congressional budget authorization process.


    Sources within the bureau say English actively promoted that effort of secrecy early in the bureau’s actual operations.

    Emails obtained by the conservative group Judicial Watch show English established meetings without any notification to the public and meetings that specifically barred press.

    The Judicial Watch emails also show English was active in arranging private meetings with special interests that were largely liberal and progressive activist groups.

    English was involved, for example, in organizing an Oct. 27, 2010, meeting that was led by Warren, who is now the Democratic senator from Massachusetts.

    The participants of that meeting included Consumers Union, the AFL-CIO, PIRG and the National People’s Action. It was closed to press.

    On Jan. 22, 2011, English helped CFPB hold another private meeting with Americans for Financial Reform, a pro-CFPB group with participants that constituted a Who’s Who of liberal activist groups.

    The meeting included leaders from the AFL-CIO, the SEIU (Service Employees International Union), Ralph Nader’s PIRG (Public Interest Research Group), AFSCME (American Federation of State, County and Municipal Employees), Consumer Federation of America, Center for Responsible Lending, and Public Citizen. No press was permitted.

    (Read More to include the astronomic costs)

    View image on Twitter
    [​IMG]

    [​IMG]john czwartacki

    ✔@CZ


    10am meeting between Acting Director @MickMulvaneyOMB and cfpb Senior Staff.

    10:52 AM - Nov 27, 2017

     
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  17. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    anotherworriedmom says:
    November 27, 2017 at 6:08 pm

    From Mulvaney:

    the CFPB has $50 million on the books and all payments, except for statutory requirements, have been suspended pending further review. There will be some screaming on the left when the money is cutoff.



    .
     
  18. latemetal

    latemetal Platinum Bling Platinum Bling

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    [​IMG]Bankers win again...
     
  19. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    "corporate wrongdoing"? LOL Is that the accepted terminology for fraud these days? Banksters need to be tried for CRIMES not have their bonuses cut by a few percentage points for a quarter when they get busted breaking laws.
     
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  20. D-FENZ

    D-FENZ Gold Member Gold Chaser Site Supporter ++

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    Worth repeating- Make sure you watch the video.

    It is rare to find anyone as well-spoken and on top of their game anywhere as is Mick Mulvaney. But to find someone like that within the federal government is extraordinary.

    And the guy is now juggling at least two hats as director of the OMB and the CFPB. I couldn't imagine anyone more capable.
     
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  21. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    This is a major step in draining the swamp. Evil always lurks but destroying its foundation and funding is the key to putting it down for a good long time.
    They have one chance to dismantle 30 years of deception and corruption. President Trump and his people realize that and are proceeding in a thorough meticulous manner that eliminates support as they work their way up the chain.
    It's fascinating to watch!

    .
     
    Last edited: Nov 28, 2017
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  22. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Trump Appoints Mick Mulvaney Head of CFPB; Elizabeth Warren Is Not Amused (REACTION)
    Anthony Brian Logan



    Published on Nov 28, 2017
    White House budget boss Mick Mulvaney moved quickly Monday to rein in the Consumer Financial Protection Bureau, imposing a 30-day hiring freeze and other new rules as the fight over who’s really in charge of the agency heads to court.

    Mulvaney, whom President Trump chose to run the CFPB on a temporary basis, has a history of bashing the bureau and has called it a “sad, sick” joke.

    He didn’t back away from those assertions Monday afternoon, describing the CFPB as “an awful example of a bureaucracy that has gone wrong and is almost entirely unaccountable.”

    Mulvaney said he was surprised at the unchecked powers afforded to the bureau – including his.

    “I am just finding out about the powers I have as acting director and they would frighten most of you,” he said. “It’s frightening to think about how little oversight Congress has over me now as I am the director.”

    (ARTICLE: FOX NEWS)
     
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  23. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    RUMBLINGS: Elizabeth Warren Faces ‘Political Destruction’ Amid Rumors CFPB Engaged In Multi-Billion Dollar ‘Scheme’
    November 27, 2017 by Joshua Caplan 175 Comments

    Is the real reason behind Senator Elizabeth Warren’s outrage over Mick Mulvaney’s appointment as director of the Consumer Financial Protection Bureau (CFPB) about her own political survival?

    Conservative Treehouse’s Sundance believes Mulvaney is in a rare position to drain one of Washington’s deepest swamps — and the 2020 hopeful may be collateral damage.

    [​IMG]

    Conservative Treehouse writes:

    Elizabeth Warren set up the bureau to operate above any oversight. Additionally, the bureau was placed under spending authority of the federal reserve. The CFPB gets it’s operating budget from the Federal Reserve, not from congress. Again, this was set-up to keep congress from defunding the agency as a way to remove it. […]

    Mick Mulvaney is now in a position to look at the books, look at the prior records within the bureau and expose the political agenda within it to the larger public. […]

    Most likely President Trump will not appoint a replacement until Mulvaney has exposed the corruption within it. That sunlight is toxic to Elizabeth Warren and can potentially be politically destructive to the Democrats. If the secrets within the bureau are revealed, there’s a greater likelihood the bureau will be dissolved.

    There are billions of scheme and graft at stake. Within the record-keeping there are more than likely dozens of progressive organizations being financed by the secret enterprise. That’s the risk to the SWAMP.

    Reports of the CFPB awarding lucrative contracts to left-leaning organizations is nothing new.

    The CFPB awarded GMMB a $14.7 million contract for “agency media and resource communication,” in June of 2017 and a $16 million payday to marketing materials about student loans and mortgages.

    While the amount revealed pales in comparison to what is really ‘under the hood,’ it’s important to remember the CFPB’s activities are shrouded in mystery. Perhaps, not for long if the Trump administration gets its way.

    Meanwhile, Leandra English, the deputy director of the government body, has sued the Trump administration to block the appointment of Mick Mulvaney as interim director of the CFPB.

    View image on Twitter
    [​IMG]

    [​IMG]Josh Caplan@joshdcaplan

    REUTERS: Leandra English has sued the Trump administration to block the appointment of Mick Mulvaney as interim director of CFPB

    9:15 PM - Nov 26, 2017

    On Monday, English’s attorney Deepak Gupta, discussed the lawsuit against the Trump administration, reportedThe Gateway Pundit’s Jim Hoft.

    When asked by the CNBC hosts who is paying him to represent Leandra English, Gupta stuttered for two minutes dodging the question.

    Via CNBC:


    http://www.thegatewaypundit.com/201...ors-cfpb-engaged-multi-billion-dollar-scheme/
     
  24. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    Under New Leadership Anxious CFPB Workers Begin Communicating in Coded Messages…
    Posted on December 6, 2017 by sundance

    A rather interesting New York Times article describes life in the Consumer Financial Protection Bureau (CFPB) now that interim Director Mick Mulvaney is leading the agency. Actually, one of the more interesting aspects is how congressional defenders of the CFPB have claimed the workforce is non-partisan, yet for some mysterious reason the mostly Millenials are described as using coded messaging.

    [​IMG]

    Keep in mind, these are presumably college educated young professionals:

    New York Times […] Some employees, including a few of the bureau’s top officials, have welcomed their new leader. Others, pointing to Mr. Mulvaney’s earlier hostility toward the agency and its mission, are quietly resisting. One small group calls itself “Dumbledore’s Army,” according to two of the people who were familiar with their discussions. The name is a reference to a secret resistance force in the “Harry Potter” books.

    An atmosphere of intense anxiety has taken hold, several employees said. In some cases, conversations between staff that used to take place by phone or text now happen almost exclusively in person or through encrypted messaging apps.


    Mr. Mulvaney has begun examining lawsuits filed by the agency and its process of gathering information from companies under investigation. The bureau’s so-called demand letters — an investigative tool used in the early stages of investigations — are “fairly broad and fairly burdensome,” he told reporters on Monday. (read more)

    [​IMG]

    The CFPB is the product of far-left progressives, specifically Elizabeth Warren, initially setting up a financial control agency that operates without congressional oversight. The Bureau construct was previously challenged in court and ruled ‘unconstitutional’.

    [​IMG]

    The CFPB was essentially created to work as a legal money laundering operation for progressive causes by fining financial institutions for conduct the CFPB finds in violation of their unilateral and arbitrary rules and regulations. The CFPB then use the proceeds from the fines to fund progressive organizations and causes. That’s the underlying reason why the Democrats are fraught with anxiety over losing control of it.

    ♦ #1 Conceived as a government watchdog, with aims to financially fill the coffers of left-wing activist organizations, the CFPB was doomed by an Elizabeth Warren structure that made it an inherently political agency. READ HERE

    ♦ #2 The sad and sick joke – how the face of the CFPB’s first director falsely claimed caring about consumers, but the reality was entirely political. READ HERE

    Elizabeth Warren set up the bureau to operate above any oversight. Additionally, the bureau was placed under spending authority of the federal reserve. The CFPB gets its operating budget from the Federal Reserve, not from congress. Again, this was set-up to keep congress from defunding the agency as a way to remove it. Everything about the way the CFPB was structured was done to avoid any oversight. Hence, a DC circuit court finding the agency held too much power, and deemed the Directors unchecked position unconstitutional.

    Mick Mulvaney is now in a position to look at the books, look at the prior records within the bureau, and expose the political agenda within it to the larger public. That is sending the progressives bananas.

    Most likely President Trump will not appoint a replacement until Mulvaney has exposed the corruption within the bureau. That sunlight is toxic to Elizabeth Warren and can potentially be politically destructive to the Democrats. If the secrets within the bureau are revealed, there’s a much greater likelihood the bureau will be dissolved.

    There are billions of scheme and graft at stake. Within the record-keeping there are more than likely dozens of progressive/Democrat organizations being financed by the secret enterprise that operates without oversight. That’s the risk to the SWAMP.

    [​IMG]

    BACKSTORY:

    https://theconservativetreehouse.co...orkers-begin-communicating-in-coded-messages/
     
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  25. GOLDBRIX

    GOLDBRIX God,Donald Trump,most in GIM2 I Trust. OTHERS-meh Site Supporter Platinum Bling

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    DANG ! That could be said about 75% of Federal Goobermint.
     
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