AG: Washington, D.C. is a town full of acronyms and Orwellian Doublespeak. But one of the newer alphabet-soup agencies is causing a particular stir of late—the ironically named Consumer Financial Protection Bureau (CFPB). Just the other day President Trump tweeted,
Donald J. Trump
The Consumer Financial Protection Bureau, or CFPB, has been a total disaster as run by the previous Administrations pick. Financial Institutions have been devastated and unable to properly serve the public. We will bring it back to life!
However, many of us believe the CFPB doesn’t deserve to live. In fact, we believe it should never have been given life in the first place.
CFPB owes its birth to then-Harvard law professor Elizabeth Warren, spawned from the Dodd-Frank regulations in the wake of the 2008 financial crisis. CFPB’s bureaucrats inherited Warren’s distaste for free markets, capitalism, and wealth. Their idea of “protection” is more in line with the mafia’s: they focus much of their efforts on “shaking down banks for Democrat activist groups,” launching a “Civil Penalty Fund” from the spoils of their rogue war on financial institutions.
Not content simply to harass the rich and powerful, the CFPB engaged in a snooping campaign, the likes of which would make the NSA proud. The CFPB began its destructive work in the summer of 2011 and proceeded to launch into a data collection operation on American citizens, “collecting account information on an estimated 991 million American credit card accounts.” Ostensibly, CFPB gathered this information to protect consumers or investigate some malfeasance. In reality, the agency put millions of Americans at greater exposure and increased the likelihood that they could have their identities stolen by criminals or hostile foreign actors.
CFPB also collected data on more than 50 million mortgages. At the time, the CFPB’s mortgage project director said, “It is easy to reverse engineer and identify the people in our database. We have the date the mortgage was taken out, the size of the mortgage and we have the Census tract [of the mortgage holder]. Ninety-five percent of these are unique.”