
Senator David Perdue Introduces Bill to Rein in CFPB
One of the unusual aspects of Dodd-Frank is that, in effect, it removed the CFPB from the Congressional appropriations process and gave CFPB what amounts to an unlimited budget.

One of the unusual aspects of Dodd-Frank is that, in effect, it removed the CFPB from the Congressional appropriations process and gave CFPB what amounts to an unlimited budget.

This foray into the potholes and backroads of Tennessee is a new area of regulatory control, even for the CFPB. But, as American Banker reported, Congress granted the CFPB the authority to do so in an obscure passage of the Consumer Financial Protection Act of 2010, known more commonly as the Dodd-Frank Act.

The federal government aims to “protect” consumers by regulating away a payment option that’s popular with low-income Americans.
The really dangerous development of the administrative state is that bureaucrats no longer fear the wrath of our elected representatives, many of whom are so interested in making the State bigger and richer that they’ll no longer countenance even token attempts at holding it responsible for its actions, because that would empower the people who want to make it smaller.

The Consumer Financial Protection Bureau seems to be playing a much larger role in the Obama administration’s Operation Choke Point these days. But you wouldn’t know that from the gentle questioning of CFPB Director Richard Cordray on Capitol Hill.

Who’s holding the watchdogs accountable? The head of the CFPB shoots down a Congressmember’s question about his agency’s lavish spending. “Why does that matter to you?”