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?

Senator Elizabeth Warren with the CFPB's director, Richard Cordray CFPB’s own General Counsel – who was hired under [outgoing director] Richard Cordray – has notified the Bureau’s leadership that she agrees with the Administration’s and DOJ’s reading of the law, there should be no question that Director Mulvaney is the Acting Director,” White House Press Secretary Sarah Sanders said in a statement. “It is unfortunate that Mr. Cordray decided to put his political ambition above the interests of consumers with this stunt. Director Mulvaney will bring a more serious and professional approach to running the CFPB.”

The White House also argued in an opinion issued Saturday by the Justice Department’s Office of Legal Counsel that it is within the president’s right to appoint an acting director. Steven A. Engel, newly confirmed head of the office, wrote that while the deputy director could serve as acting director under the statute, the president has the power to make appointments under the Vacancies Reform Act.

Consumer agency official sues Trump administration over its leadership

The federal official tapped by an outgoing Obama appointee to lead the Consumer Financial Protection Agency filed a lawsuit on Sunday challenging President Trump’s decision to instead appoint his budget director to the post – setting up a Monday showdown at the controversial agency.

The disputed appointment has pitted the Trump White House and Justice Department against top congressional Democrats, with House Minority Leader Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., saying Deputy Director Leandra English should serve as acting director until a new boss is confirmed.

“[T]he Trump administration is ignoring the established, proper, legal order of succession that we purposefully put in place, in order to put a fox in charge of a hen house,” Schumer said in a statement.

 

English, who was named the successor to the top position at the agency by its outgoing director, is now seeking in court a declaratory judgment and temporary restraining order to block White House budget director Mick Mulvaney from taking over the bureau. She claims Trump did not have the authority to make that appointment.

The White House said Monday it is “aware” of the suit, but cited an opinion in their favor from the bureau’s own general counsel and said “the law is clear.”

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Gravy Train Flows Wide And Deep At Elizabeth Warren’s Consumer Agency

Pay is flowing so generously at the Consumer Financial Protection Bureau (CFPB) that hundreds of bureaucrats there receive more than most members of Congress.

The Senate majority and minority leaders are paid $193,000 annually. Two hundred and one CFPB employees outdo Sens. Mitch McConnell and Charles Schumer in pay.

Speaker of the House Paul Ryan of Wisconsin receives $223,000 per year, but that’s less than what 54 CFPB employees are paid.

Another 170 CFPB employees earn more than the secretaries of defense and state, the attorney general and the director of national intelligence. All cabinet salaries are capped at $199,700, but not at the bureau. Thirty-nine CFPB employees earn more than the $230,000 paid to Vice President Mike Pence.

A total of 198 CFPB employees also earn more than their ultimate boss, Federal Reserve Chairwoman Janet Yellin, who is paid $201,700.

Overall, 449 CFPB employees get at least $100,000 per year and 228 CFPB are paid more than $200,000, according to publicly available 2016 data. Daily Caller

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What Will Happen to the Consumer Financial Protection Bureau?

After a spate of recent activity which has included introducing long-awaited regulations for payday lenders and prepaid cards and a nearly $200 million fraud settlement from Wells Fargo, the Consumer Financial Protection Bureau must now face a new challenge—more oversight.

On Tuesday, a Washington, D.C. circuit court found the structure of the CFPB to be unconstitutional. More specifically, the court took issue with the inability for other arms of the government to review or rebuke the Bureau’s judgements or actions and the unilateral power imbued in the CFPB’s director—currently Richard Cordray.

The judgement states:

The Director enjoys significantly more unilateral power than any single member of any other independent agency. By “unilateral power,” we mean power that is not checked by the President or by other colleagues. Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire United States Government, at least when measured in terms of unilateral power.

The court then goes on to proclaim that the director of the CFPB is given more power and autonomy than the speaker of the house, senate majority leader, or even a Supreme Court justice.

The Consumer Financial Protection Bureau—which was brainchild of Senator Elizabeth Warren—was created in the wake of the financial crisis by the Dodd-Frank Act, the legislation meant to reform the financial sector and protect the public from predatory and dangerous practices. The Atlantic
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House Committees, Still Concerned About Transparency at CFPB, Ask Again For Documents On Bureau’s Role In Mortgage Settlement Negotiations

Washington, June 21, 2011 –

The leadership of the Financial Services Committee and the Oversight and Government Reform Committee continue to express concerns about a lack of transparency and accountability at the new Consumer Financial Protection Bureau (CFPB).  Leaders of these two House committees on Monday sent a letter to Treasury Secretary Timothy Geithner requesting documents reflecting coordination between the CFPB and the State Attorneys General regarding the ongoing mortgage settlement negotiations.

Members of both committees have, for months, tried to get answers from the Treasury Department about the extent of the CFPB’s role in the negotiations.

The letter was signed by Financial Services Committee Chairman Spencer Bachus and Oversight and Government Reform Chairman Darrell Issa. Reps. Shelley Moore Capito, Scott Garrett, Patrick McHenry, and Randy Neugebauer, all senior members of the Financial Services Committee, also signed the letter.

“As we have expressed in previous correspondence with you and in hearings before our respective committees, we remain concerned that transparency and accountability be given the highest priority throughout the government, especially in an agency as powerful and important as the Consumer Financial Protection Bureau,” the Members of Congress write in their letter

The new request for information comes after Judicial Watch, a nonpartisan public interest group that investigates government corruption, uncovered e-mails, meeting minutes and other records that show the CFPB has been heavily involved in the negotiations.

During a March 16 subcommittee hearing, Chairman Bachus questioned Elizabeth Warren, the assistant to the president and senior adviser to the Secretary of the Treasury who is charged with setting up the CFPB, about the propriety of her participation in the mortgage settlement negotiations since the consumer bureau doesn’t officially begin operations until July 21.  Ms. Warren responded that the bureau merely provided advice when asked.

“It appears that the CFPB has been deeply involved in the mortgage servicing settlement negotiations and that its role goes far beyond the mere offering of ‘advice,’” the letter states.

https://financialservices.house.gov/uploadedfiles/06-20-11_stb-issa-capito-garrett-neugebauer-mchenry_letter_to_geithner.pdf

Mulvaney takes charge of CFPB and announces changes

Mick Mulvaney, who President Trump appointed as the acting director of the Consumer Financial Protection Bureau after former director Richard Cordray resigned on Friday, went to work to assume his new role Monday morning, and has already announced some major changes.  In a press briefing Monday afternoon, Mulvaney said an immediate 30-day hiring freeze would be implemented, as well as a freeze on any new agency guidelines currently in the works, and a 30-day freeze on any payments from a civil penalties fund.

Mulvaney, who is also the White House Budget Director, said he intends to spend three days a week at the CFPB office. “This agency will stay open. Rumors that I’m going to set the place on fire, or blow it up or lock the doors are completely false,” he said. “I am a member of the executive branch of government. We intend to execute the laws of the United States.”

 

He has long been critical of the way the CFPB is operated, and said Monday he is surprised at even the powers his new position has.

“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.”

Dennis Michael Lynch

RUMBLINGS: Elizabeth Warren Faces ‘Political Destruction’ Amid Rumors CFPB Engaged In Multi-Billion Dollar ‘Scheme’

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.

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. The Gateway Pundit

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Sample Salary – CFPB

Washington Examiner