The Consumer Financial Protection Bureau (CFPB) is a monstrosity of a federal agency that was created by Dodd-Frank. The Chairman of the CFPB, Richard Cordray, testified before the House Financial Services Committee on Wednesday and it was a real eye opener on how your federal government works.
One of the ways the CFPB justifies its existence is by going after financial institutions, charging them with racial discrimination and collecting heavy fines, case in point, consumer auto loans.
The CFPB derived a model for determining if auto dealers were discriminating against minorities when arranging car loans from auto lenders. Sure enough, the bureau found discrimination everywhere. This despite National Automobile Dealers Association disputing the validity of the model.
Ally Financial found itself subjected to CFPB scrutiny and was eventually forced by the Bureau and the Department of Justice to make an $98 million settlement. The Bureau, being all happy with itself, began making restitution payments back to minorities that were supposedly discriminated against by Ally.
According to Rep. David Scott (D-GA) those checks, for about $300 or so, went not only to blacks, but to white as well if their last name was “Johnson, Williams, Robertson or Scott.”
Watch Representative Scott starting at the 1:41 mark Here
More on settlement checks going to the wrong parties Here
Rep. Sean Duffy (R-WI) went after Mr. Cordray over the Ally settlement and the validity of CFPB auto lender model.
Watch Representative Duffy starting at the 1:13:30 mark Here
Now for the kicker. CFPB is out there, racial crusader going after the auto lenders, when the bureau itself is charged by its own employees of discrimination when evaluating their performances and thus affecting their compensation if not future employment with the Bureau.
Shut. It. Down.
….NOW!!!
another freaking waste of the shrink middle-class’s money
Doing away with all govt is looking better and better, isn’t it?
Being from Ohio I am aware that Richard Cordray was a former mediocre Democratic politician who held various political jobs in Ohio until he was unseated by former Sen Mike Dewine ( an equally mediocre Repub) and was given his CFPB job by another mediocre democratic politician………..Obama!!!
Ditto what Unslung Hero said. Cordray was a piece of shit when he was in Ohio, of the typical Ohio leftist Democrat bent–think Sherrod Brown, only geekier. Obama saved him from well-deserved unemployment. Now the whole nation is stuck with him. Asshole.
I’m changing my name to Otis Johnson-Williams-Robertson-Scott.
Sigh … the ENTIRE FEDERAL GOV’T is a fucking redistribution scam … where has everyone been?
Take from those who produce –
Give to those who don’t.
Whether urban ferals, banksters, gov’t “workers,” donors, cronies, sycophants, union maggots, teachers, colleges, …, &c.
There is NO upside for the drone.
Tim – You got that right.
There are many many more government agencies out there for redistribution of now and future taxpayers’ money to non-producers than there are agencies whose purpose is to help companies be successful and prosperous.