Was CFPB A Money-Laundering ATM with NO OVERSIGHT?

Was the Consumer Financial Protection Bureau (CFPB) a governmental agency headed by an Obama appointee who had unfettered access to money and was using it to direct to whomever he chose without any oversight?  Read the below article and you decide.

 by: @BeekmanCruger [1]

This is a thread to explain why you’ll be seeing hit pieces like this on Mick Mulvaney who is in the process of exposing the disastrous CFPB and Elizabeth Warren. Thanks to folks like TheLastRefuge2, ThomasWictor, drawandstrike for inspiring me to get off my ass and work.

 [2]

 

First, a reminder that CFPB was set up as an “independent” agency not constrained by congressional (or any for that matter) oversight by the Dodd-Frank bill of 2010 ostensibly to protect consumers from the type of malfeasance shown by the financial crisis in the late aughts.

It was the brainchild of Elizabeth Warren and officially set up through her then-role as Special Advisor to the Secretary of Treasury (Crowdstrike alum Tim Geithner). Look, Obama gives her all the “credit”:

Pres. Obama said Sunday that he would nominate Richard Cordray, the former attorney general of Ohio, to lead the new Consumer Financial Protection Bureau, passing over Elizabeth Warren, the Harvard law professor who was the driving force behind the agency’s creation.

Mr. Cordray came to national attention for his aggressive investigations of mortgage foreclosure practices while he was attorney general. He is already an employee of the watchdog agency, which starts formal operations on Thursday, as the leader of its enforcement division.

“Richard Cordray has spent his career advocating for middle-class families, from his tenure as Ohio’s attorney general to his most recent role as heading up the enforcement division at the C.F.P.B. and looking out for ordinary people in our financial system,” Mr. Obama said in a written statement. He is expected to formally announce the nomination on Monday. [3]

CFPB immediately wielded powers more than that of established independent entities like SEC and FDIC given its lack of congressional oversight/accountability. Read this from National Review:

The CFPB’s first director cared about consumers, but he was consumed by politics.    On November 24, 2017, Richard Cordray resigned as director of the Consumer Financial Protection Bureau. His final year in office, and especially his exit, revealed the true nature of the agency Democrats created through the 2010 Dodd-Frank Act.

Ambitious, cerebral, and socially awkward, Cordray had alternated between stints as an accomplished lawyer and a mediocre politician before he lost Ohio’s attorney-general election in 2010 and Elizabeth Warren, then a presidential assistant, hired him to lead the nascent bureau’s enforcement division. The following July, President Obama bypassed Warren and instead nominated Cordray to be the CFPB’s first director. In the marathon standoff that ensued, Republican senators filibustered the nomination, Obama installed Cordray by using an unconstitutional recess appointment, Democrats threatened to change the filibuster rules, and Republicans surrendered. On July 16, 2013, the Senate confirmed the temporary director to a five-year term.

Perhaps it was this two-year ordeal that turned Cordray into a cynical partisan mercenary. [4]

From 2012-2016, it was the salad days for CFPB. Hundreds of millions coming in from tax payers and banks in the front door and millions going out the back door as directed by wherever the Obama-appointed Director Rich Cordray chooses.

Fast forward to November 2016. Yikes. Trump wins. The jig is up. In November 2017, Director Cordray steps down and TRIES to name one of his underlings as his successor.

Richard Cordray announced that Friday would be his last day leading the Consumer Financial Protection Bureau and named one of his lieutenants to immediately take over as acting director, setting up a potential standoff with the Trump administration over the controversial agency’s leadership.

In a memo to the consumer watchdog’s employees, Cordray said his current chief of staff, Leandra English, would become deputy director and automatically rise to acting director when he leaves. English has held several leadership roles under Cordray, a Barack Obama appointee who was the CFPB’s first-ever director.  [5]

Nope. Not happening. President Trump exercises his executive right and names OMB Director (and vocal CFPB critic) Mick MulvaneyOMB to commandeer the bureau. The game is afoot.

Now that he has the keys, Mulvaney has been exposing the fundamental problems at CFPB FROM THE INSIDE. For example, check out what he did to expose the inanity of how the budget/funding process works.
Since the Bureau isn’t tied to Congressional oversight/appropriations, all Director Cordray had to do to get $ is send a quick letter to the Federal Reserve and VOILA… taxpayer money gets transferred to CFPB without question.
Here’s former Director Cordray’s quarterly withdrawal of $217M (!) from October 2017:
 [6]
The CFPB and its Director could basically use the Federal Reserve as its ATM to the tune of up to $800 Million per year (!) and no one could say a thing.
Now, here’s Director Mulvaney’s first quarterly request when he got there:
 [7]
That’s $0M. Zero dollars. Obviously Mulvaney making a statement. On April 11, 2018, Mulvaney testifies in front of the House Financial Services Committee. It’s an amazing 4 hour spectacle of partisanship and absurdity:

Now it gets fun. The CFPB has had an ongoing renovation project going on at a RENTED office space that is now on pace to cost taxpayers $242.8 MILLION! CFPB doesn’t even own the building. $242.8 Million of our money. For that $, they should be able to have a space station.
For years, House Republicans (including Mulvaney) had inquired about who authorized such an endeavor. For example, here’s the great Rep Lee Zeldin questioning Rich Cordray about the renovation in April 2017:
 [8]
Cordray refused to give an answer. Fast forward to now Director Mulvaney getting same question from Rep Ann Wagner. Amazing stuff here:
 [9]
So now we have Mulvaney exposing Warren (and Cordray). Now we can see why Mulvaney is being targeted by Warren and her ill-k.
For example, here’s an op-ed by Warren from March about Mulvaney and his role at CFPB

Republicans Remain Silent as Mulvaney’s CFPB Ducks Oversight:  The acting director has undermined the bureau’s work defending the public.

From the moment Congress created the Consumer Financial Protection Bureau, Republican critics ranted about the CFPB’s supposed lack of accountability. Now that one of those critics, Mick Mulvaney, has assumed control of the bureau, the attackers have fallen silent—even as Mr. Mulvaney disregards legal mandates and dodges congressional oversight. This turnabout shows Republicans never really cared about accountability. They only wanted the agency to be less effective at stopping financial firms from cheating people.  [10]

 Here’s Mulvaney’s Response to Warren:

Mick Mulvaney Replies to Elizabeth Warren: I invite Sen. Warren and other Democrats in Congress to join Republicans in this effort to bring permanent accountability and transparency to the CFPB.

I write to correct misrepresentations made by Sen. Elizabeth Warren in “Republicans Remain Silent as Mulvaney’s CFPB Ducks Oversight” (op-ed, March 29) regarding my leadership of the Consumer Financial Protection Bureau.

She claimed that the planned restructuring of the Office of Fair Lending and Equal Opportunity ignores a congressional mandate that the office “shall have such powers and duties . . . including providing oversight and enforcement of Federal laws.” In fact, Sen. Warren used an ellipsis to conceal that these… [11]

Mulvaney is obviously over the target so we should expect a barrage of these type of attacks on him. Another example of the malfeasance at CFPB being stopped by Mulvaney involves a boatload of the CFPB $ being directed to the left-lunging PR agency GMMB.

CFPB had funneled over $40M to GMMB during the Obama/Cordray/Warren years. Here’s a good article about from the Daily Caller in September 2017:

EXCLUSIVE: Obama’s Top Campaign Ad Firm Got Nearly $60M In Federal Contracts

Former President Barack Obama’s presidential campaign advertising agency received nearly $60 million in federal contracts after he took office, according to an analysis by The Daily Caller News Foundation Investigative Group.

The gravy train for the Washington, D.C.-based agency, GMMB, hasn’t slowed since President Donald Trump’s inauguration, the analysis found. The liberal Democratic communications powerhouse was awarded nearly $15 million in a new contract in June, after Trump entered the Oval Office.

GMMB received a total of $58.4 million in federal contracts from 2009 to 2017, according to USASpending, which tracks federal spending through contracts, grants, loans and other forms. GMMB’s annual revenue is an estimated $32.6 million, according to D&B Hoovers, a private business research and rating firm.

Jim Margolis joined fellow Democrat Frank Greer in GMMB in 1985. Since then, Margolis has been one of the Democratic Party’s top media strategists. He was lead advertising strategist and advisor for former Presidents Bill Clinton and Barack Obama, and for the 2016 Democrat nominee Hillary Clinton, which delivered considerable profits for GMMB. Margolis also produced the 2008, 2012 and 2016 Democratic National Conventions, and was the co-producer of Obama’s two inaugurations.

 Obama’s presidential campaign, “Obama for America,” disbursed to GMMB upwards of $700 million in media buys for his 2008 and 2012 campaigns combined, according to filings reported by the Federal Election Commission. GMMB confirms this amount on the company’s website, stating Margolis oversaw “each cycle’s half-billion dollar advertising effort.” [12]
 One of GMMB’s leaders is Jim Margolis: “In the 2016 presidential election, Jim served as senior advisor to former Secretary of State Hillary Clinton, leading her paid advertising effort and producing the 2016 Democratic convention in Philadelphia.”
 [13]
Now watch up-and-coming Rep Warren Davidson from Ohio ask Mulvaney about GMMB. (Spoiler: Mulvaney is shutting down GMMB’s contract):
 [14]
One other absurd moment. Noted Antifa-enthusiast and Nation of Islam alum Keith Ellison had this ridiculous exchange about the frosted windows on Mulvaney’s office:
 [15]
Keith Ellison doesn’t seem to care about the $240 Million spent on renovating a rented office space but is very concerned about the ~$3,000 spent on a dozen frosted windows….that were ordered by Cordray. You can’t make it up.
COMMENTS:
No real pick-up from MSM of his responses but @DailyCaller is only outlet to cover what’s going on fairly.

‘Definition Of Tyranny:’ Mulvaney Asks Congress To Fix Liz Warren’s Agency

President Donald Trump’s administration is urging Congress to reshape the Sen. Elizabeth Warren-crafted consumer finance agency before it can be used as a tool for “tyranny.”

“The [Consumer Financial Protection] Bureau is far too powerful, with precious little oversight of its activities,” CFPB acting director Mick Mulvaney said in a statement Monday. “The power wielded by the Director of the Bureau could all too easily be used to harm consumers, destroy businesses, or arbitrarily remake American financial markets.” [16]

Few “highlights” of CFPB👇 …. note their DATABASE☠️ Also, subversive DEMOS org 👇– founded by FAUXCAHONTAS’ daughter, OBAMA, in 2000 as Illinois State Senator was on the Founding Board👁
                                 
“The structure and powers of this agency are not something the Founders and Framers would recognize,”Mulvaney argued in his letter accompanying the semi-annual report [16] to Congress Monday, detailing the CFPB’s work between April and September 2017 . The CFPB appears tyrannical in that it appears to accumulate “legislative, executive, and judiciary, [powers] in the same hands,” Mulvaney suggested, quoting from James Madison’s “Federalist Number 47.” Such an accumulation of power “may justly be pronounced the very definition of tyranny,” Madison wrote.
SOURCES:
[8] C-Span
[9] C-Span
[14] C-Span
[15] C-Span
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