Consumer Financial Protection Bureau, that is. Consider this example of its egregious behavior. When one of CFPB’s internal judges decided that
a New Jersey lender [PHH Corp] took illegal “kickbacks” from mortgage insurers, boosting costs for borrowers[,]
he fined the company $6 million. PHH appealed.
Richard Cordray, Director of the CFPB, took personal charge of the case and raised the penalty to $109 million. How dare a private company dispute with the CFPB!?
This abuse of power, even a power that the Democratic Party-controlled House and Senate conferred on the CFPB, together with a budget consisting of a blank check drawn on the Federal Reserve Bank System, when they created this thing six years ago, is a clear demonstration of the need to get rid of the CFPB and everything and everyone associated with it.
PHH’s case has been appealed to the DC Circuit, but there’s no need to wait. Get rid of this abusive, unaccountable board. Put this abusive, unaccountable Boyar out of a job.