CFPB director submits funding request of $0.

[boomerang]

Excellent news! Shrinking budgets and smaller government. So much winning!

Trump consumer protection chief requests $0 in funding

"In a letter to Fed Chairwoman Janet Yellen on Thursday, interim Director Mick Mulvaney said the bureau already has $177.1 million in its coffers -- more than enough funds to cover the $145 million the CFPB's expenses for the second fiscal quarter.

"Simply put, I have been assured that the funds currently in the bureau fund are sufficient for the bureau to carry out its statutory mandates for the next fiscal quarter while striving to be efficient, effective and accountable," Mulvaney wrote in the letter.

And while Cordray may have kept a "reserve fund" in case of emergencies, Mulvaney said he didn't see a reason for it since the Fed has regularly supplied the money the agency needs. He also questioned whether the the law even allows the CFPB to maintain such a reserve fund.

Instead, Mulvaney, who is also Trump's budget director, said the Fed could use that money to help pay down the country's deficit.

"While this approximately $145 million may not make much of a dent in the deficit, the men and women at the bureau are proud to do their part to be responsible stewards of taxpayer dollars," Mulvaney wrote."

 

[KMFJD]

a true american hero

 

[zinfamous]

lol--now losing is officially "winning!"

good job, imbeciles. 2008 wasn't painful enough, so let's throw some heat on that and truly burn out the rest of the poors. Our multibillionaires aren't billionaire enough!

 

[repoman0]

lol--now losing is officially "winning!"

good job, imbeciles. 2008 wasn't painful enough, Let's throw some heat on that truly burn out the rest of the poors. Our multibillionaires aren't billionaire enough!

Not just the poors -- people who want to retire too. Let's sink those retirement accounts again .. anyone over 40, good luck with that.

 

[K1052]

Oh look, Mulvaney is worried about the deficit again after he helped the administration push though a deficit bomb tax cut.

I know some people are stupid enough to buy this stuff though.

 

[Fanatical Meat]

Why would the Consumer Protection Agency need $0? Do consumers not need protection any longer?

In other words "Starve the Beast"

 

[IronWing]

The story is not clear. Did Congress appropriate the money to the CFPB that the board then failed to spend as Congress directed? If so, the CFPB is violation of the law and the Director has exposed himself to criminal prosecution. If the money was not appropriated by Congress, then no biggie.

 

[theeedude]

Freeze your credit. The government doesn't have your back anymore.

 

[K1052]

The story is not clear. Did Congress appropriate the money to the CFPB that the board then failed to spend as Congress directed? If so, the CFPB is violation of the law and the Director has exposed himself to criminal prosecution. If the money was not appropriated by Congress, then no biggie.

Funding for the CFPB is not appropriated, per the law chartering it (Dodd-Frank). For some odd reason Democrats didn't trust the Republicans not to play politics with the appropriation...

The CFPB submits a request to the Fed for money and the Fed can't legally deny them under a certain cap. Now failing to request money that results in the agency shutting down might be actionable in court, assuming that is Mulvaney's endgame. He's stated he wants to scrap/defund the agency in the past.

 

[fskimospy]

Funding for the CFPB is not appropriated, per the law chartering it (Dodd-Frank). For some odd reason Democrats didn't trust the Republicans not to play politics with the appropriation...

The CFPB submits a request to the Fed for money and the Fed can't legally deny them under a certain cap. Now failing to request money that results in the agency shutting down might be actionable in court, assuming that is Mulvaney's endgame. He's stated he wants to scrap/defund the agency in the past.

That would definitely be actionable in court as the CFPB is tasked with performing certain duties by Congress and it would be violating the law by shutting down. What Mulvaney is doing here is attempting to drain the agency's reserves so that it's more vulnerable to unexpected excess costs in the future.

Clearly this is a smart move by Republicans because as Wells Fargo showed, financial institutions totally don't prey on their customers and so enforcement is unnecessary.

 

[brycejones]

So much winning, Cool with 1.5T increase in the debt to make sure wealthy people pay less in taxes. Wants to gut the agency charged with keeping companies from ripping consumers off to save 145M because of fiscal responsibility. Now how many billions as the CFB already forced to be returned to consumers? Seems like the cost is pretty low for the actual returns.

 

[interchange]

Unless the reserve was concealed from Congress in past budget requests, it's clear they wanted them to have it.

 

[Thebobo]

Excellent news! Shrinking budgets and smaller government. So much winning!

Trump consumer protection chief requests $0 in funding

"In a letter to Fed Chairwoman Janet Yellen on Thursday, interim Director Mick Mulvaney said the bureau already has $177.1 million in its coffers -- more than enough funds to cover the $145 million the CFPB's expenses for the second fiscal quarter.

"Simply put, I have been assured that the funds currently in the bureau fund are sufficient for the bureau to carry out its statutory mandates for the next fiscal quarter while striving to be efficient, effective and accountable," Mulvaney wrote in the letter.

And while Cordray may have kept a "reserve fund" in case of emergencies, Mulvaney said he didn't see a reason for it since the Fed has regularly supplied the money the agency needs. He also questioned whether the the law even allows the CFPB to maintain such a reserve fund.

Instead, Mulvaney, who is also Trump's budget director, said the Fed could use that money to help pay down the country's deficit.

"While this approximately $145 million may not make much of a dent in the deficit, the men and women at the bureau are proud to do their part to be responsible stewards of taxpayer dollars," Mulvaney wrote."

Well that won't even cover trump's golf trips.

 

[glenn1]

That would definitely be actionable in court as the CFPB is tasked with performing certain duties by Congress and it would be violating the law by shutting down. What Mulvaney is doing here is attempting to drain the agency's reserves so that it's more vulnerable to unexpected excess costs in the future.

Clearly this is a smart move by Republicans because as Wells Fargo showed, financial institutions totally don't prey on their customers and so enforcement is unnecessary.

As a matter of practicality why would the CFPB need a budget reserve of almost 4 months normal operating status? It's not like they'd be providing the money to backstop too-big-to-fail banks in the case of a future crisis. It's main operating divisions aren't something whose budget would necessarily skyrocket even in the case of a financial crash in any event. Does the CFPB really need $150MM in the bank to hire a few thousand FTEs in its Consumer Education and Engagement Department at a moments notice and can't wait until the next quarterly funding request?

 

[boomerang]

I thought somebody would know what the CFPB is all about but evidently not. It operates on a much grander scale than Planned Parenthood which gets funneled taxpayer dollars, some of which then gets given to "charitable causes" which then ends up through the political donation process in the campaign coffers of various Democrats.

The CFPB is the mack daddy with far bigger money going to Democrats. It's a slush fund that is off the books because it's funded by the Fed. The CFPB runs a sizeable shakedown racket. It's been said that the head of the CFPB is the most powerful person in D.C. because whomever is in charge answers to no one. Fauxcahontas evidently thought that every President forward from the inception of the CFPB was going to be a progressive. It didn't work out that way. Will the CFPB under Republican control be shut down or will Republicans turn it into a funding mechanism for their people? That remains to be seen.

The following provides some background as well as a synopsis of some of the activities of the CFPB while under Democrat control.

https://theblacksphere.net/2017/12/big-trouble-pocahontas-warren-helped-funnel-money-democrats-cfpb/

 

[brycejones]

I thought somebody would know what the CFPB is all about but evidently not. It operates on a much grander scale than Planned Parenthood which gets funneled taxpayer dollars, some of which then gets given to "charitable causes" which then ends up through the political donation process in the campaign coffers of various Democrats.

The CFPB is the mack daddy with far bigger money going to Democrats. It's a slush fund that is off the books because it's funded by the Fed. The CFPB runs a sizeable shakedown racket. It's been said that the head of the CFPB is the most powerful person in D.C. because whomever is in charge answers to no one. Fauxcahontas evidently thought that every President forward from the inception of the CFPB was going to be a progressive. It didn't work out that way. Will the CFPB under Republican control be shut down or will Republicans turn it into a funding mechanism for their people? That remains to be seen.

The following provides some background as well as a synopsis of some of the activities of the CFPB while under Democrat control.

https://theblacksphere.net/2017/12/big-trouble-pocahontas-warren-helped-funnel-money-democrats-cfpb/

Candidates for what drugs boomerang is doing?

 

[ivwshane]

We get it, Democrats are bad. Thanks for your concerned spam.

 

[ivwshane]

Candidates for what drugs boomerang is doing?

I'm going to say some sort of Alex Jones supplement, something with lead in it.

 

[highland145]

Candidates for what drugs boomerang is doing?

Good reply.

 

[highland145]

We get it, Democrats are bad. Thanks for your concerned spam.

Not all of you but the CFPB needs some over site. And like boomer said, I don't trust the Rs to do the right thing either.


The problem is that this agency and its director were set up to be free from the control of the Congress. Congress’s fundamental obligation to oversee and fund such bureaus or agencies is short-circuited when it comes to the CFPB. In structuring it in the manner written by now-Sen. Warren (D-Mass.), the law abrogated the idea of a government by the people, for the people and of the people.


Instead, it established an autocratic and unaccountable power center for people of Warren’s ideological persuasion — those who view our market economy as an enemy that must be managed by a chosen few. The creation of the CFPB as a rogue agency with a dictatorial leader is one of the most significant acts of malfeasance perpetrated on the American constitutional system since the Sedition Acts of 1798.

http://thehill.com/opinion/finance/363022-judd-gregg-elizabeth-warren-and-the-cfpb

 

[nickqt]

I thought somebody would know what the CFPB is all about but evidently not. It operates on a much grander scale than Planned Parenthood which gets funneled taxpayer dollars, some of which then gets given to "charitable causes" which then ends up through the political donation process in the campaign coffers of various Democrats.

The CFPB is the mack daddy with far bigger money going to Democrats. It's a slush fund that is off the books because it's funded by the Fed. The CFPB runs a sizeable shakedown racket. It's been said that the head of the CFPB is the most powerful person in D.C. because whomever is in charge answers to no one. Fauxcahontas evidently thought that every President forward from the inception of the CFPB was going to be a progressive. It didn't work out that way. Will the CFPB under Republican control be shut down or will Republicans turn it into a funding mechanism for their people? That remains to be seen.

The following provides some background as well as a synopsis of some of the activities of the CFPB while under Democrat control.

https://theblacksphere.net/2017/12/big-trouble-pocahontas-warren-helped-funnel-money-democrats-cfpb/

There you go again, shouting your delusional thoughts out loud and in public.

 

[zinfamous]

Candidates for what drugs boomerang is doing?

Krokodil.

Or maybe just Russian bath lotions?

 

[Jhhnn]

I thought somebody would know what the CFPB is all about but evidently not. It operates on a much grander scale than Planned Parenthood which gets funneled taxpayer dollars, some of which then gets given to "charitable causes" which then ends up through the political donation process in the campaign coffers of various Democrats.

The CFPB is the mack daddy with far bigger money going to Democrats. It's a slush fund that is off the books because it's funded by the Fed. The CFPB runs a sizeable shakedown racket. It's been said that the head of the CFPB is the most powerful person in D.C. because whomever is in charge answers to no one. Fauxcahontas evidently thought that every President forward from the inception of the CFPB was going to be a progressive. It didn't work out that way. Will the CFPB under Republican control be shut down or will Republicans turn it into a funding mechanism for their people? That remains to be seen.

The following provides some background as well as a synopsis of some of the activities of the CFPB while under Democrat control.

https://theblacksphere.net/2017/12/big-trouble-pocahontas-warren-helped-funnel-money-democrats-cfpb/

What a great conspiracy theory site. It's like crack for right wing fringe whacks.

 

[brycejones]

Good reply.

Well you're the one who told us he is trolling. So is he serious or trolling? If trolling it doesn't really need a serious reply now does it?

 

[brycejones]

Not all of you but the CFPB needs some over site. And like boomer said, I don't trust the Rs to do the right thing either.


The problem is that this agency and its director were set up to be free from the control of the Congress. Congress’s fundamental obligation to oversee and fund such bureaus or agencies is short-circuited when it comes to the CFPB. In structuring it in the manner written by now-Sen. Warren (D-Mass.), the law abrogated the idea of a government by the people, for the people and of the people.


Instead, it established an autocratic and unaccountable power center for people of Warren’s ideological persuasion — those who view our market economy as an enemy that must be managed by a chosen few. The creation of the CFPB as a rogue agency with a dictatorial leader is one of the most significant acts of malfeasance perpetrated on the American constitutional system since the Sedition Acts of 1798.

http://thehill.com/opinion/finance/363022-judd-gregg-elizabeth-warren-and-the-cfpb

Loan shark hates regulator charged with keeping consumers from getting ripped off. News at 11.