CFPB Reportedly Funneled Billions Into "Secret Democrat Slush Fund", Consultant Claims

A consultant who worked with the highly politicized Consumer Financial Protection Bureau (CFPB) claims the organization funneled a large portion of over $5 billion in collected penalties to "community organizers aligned with Democrats" as part of a giant slush fund, the Post reports. 

[The CFPB] Funneled a large portion of the more than $5 billion in penalties collected from defendants to community organizers aligned with Democrats — “a slush fund by another name,” said a consultant who worked with CFPB on its Civil Penalty Fund and requested anonymity.

Created six years ago as the brainchild of Senator Elizabeth Warren and slipped into the Dodd Frank bill before it was passed by Congressional Democrats, the CFPB became one of the most powerful agencies in D.C., with the ability to exercise enormous power over the U.S. economy while its budget remained unencumbered by congressional oversight. As one Hill writer put it:

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. 

The reins of the CFPB were handed over to Trump appointee Mick Mulvaney last week following the resignation of Director Richard Cordray, but not before Deputy Director Leandra English's unsuccessful attempt to block Mulvaney's appointment in a complaint filed against Trump and Mulvaley in a DC court. 

After a Federal judge ruled that Mulvaney is now acting director of the CFPB - his first order of business was to institute a 30-day freeze on all new hiring and regulations. 

Both President Trump and Mick Mulvaney have had strong opinions about the CFPB in the past, with Mulvaney saying “It is a completely unaccountable agency, and I think that’s wrong,” and adding “If the law allowed this place not to exist, I’d sit down with the president to try to make the case that other agencies can do this job well if not more effectively.” Mulvaney also called the agency "a sad, sick joke." 

Aside from the $5 billion "slush fund" detailed in the Post, the CFPB has also engaged in the following: 

  • Bounced business owners and industry reps from secret meetings it’s held with Democrat operatives, radical civil-rights activists, trial lawyers and other “community advisers,” according to a report by the House Financial Services Committee.
  • Retained GMMB, the liberal advocacy group that created ads for the Obama and Hillary Clinton presidential campaigns, for more than $40 million, making the Democrat shop the sole recipient of CFPB’s advertising expenditure, Rubin says.
  • Met behind closed doors to craft financial regulatory policy with notorious bank shakedown groups who have taken hundreds of thousands of dollars in federal grant money to gin up housing and lending discrimination complaints, which in turn are fed back to CFPB, according to Investor’s Business Daily and Judicial Watch.

Moreover, the CFPB secretly assembled several massive consumer databases which raise privacy and corporate liability concerns. "One sweeps up personal credit card information and another compiles data on as many as 230 million mortgage applicants focusing on “race” and “ethnicity.”" reports The Hill. Another database contains over 900,000 unvetted grievances against financial companies, points out Alan Kaplinsky, lead regulatory attorney for Ballard Spahr LLP.

Think a database of google's depth, but used solely by the government.

In this context, Mick Mulvaney appears to be the right tool for the President's vow to "put the regulations industry out of business," which he says will lead to higher employment and higher wages. 

“If you’re wondering about his commitment to deregulation, don’t,” Mulvaney said in front of a libertarian gathering a few months ago, “because this is one of the things he pounds on again and again and again.”

Comments

wildbad NoVa Thu, 12/07/2017 - 09:58 Permalink

The Scope of fraud lately has so exponentially outstripped even hollywood level criminal masterminds that one has to wonder how it can continue.

The demonocratic theft is astonishing in its brazenness.

That Fauxcahontas initiated this level of financial crime does not surprise me though.

Glad I didn't vote vagina in the last election. Leave your maternal instincts at the door if you plan on a political career.

21 Trillion currently MISSING from the defense dept. oops

In reply to by NoVa

Future Jim Joe Davola Thu, 12/07/2017 - 10:57 Permalink

This is an excellent move for Trump's first day ... wait ... what ... He was elected over a year ago ... and this is all he's done?Oh, yesterday he recognized Jerusalem as the capitol of Israel? Wait, that's a NWO move ... and he tried to make it easier to remove the rule that almost stopped Obamacare? He said that the Liberty Caucus (think Ron Paul) was the enemy? He wants to remove the debt ceiling permanently? He tried to expand the war in Syria by lying about a gas attack? He appointed a really mainstream judge to the Supreme Court? He's done hundreds of things like these?

In reply to by Joe Davola

Endgame Napoleon wildbad Thu, 12/07/2017 - 17:20 Permalink

Actually, it does surprise me, even though I do not agree with her on [lots] of things, including her idea that businesses do not create their own wealth. But she seems [a little] less concerned with frivolous identity politics issues than most of the Dems, men or women. She also tries to make regulation and anti-corruption in financial services her trademark, making this even worse.

I am not voting for any woman in any party, ever, based on so-called “women’s issues.” I am a woman, and their pay-per-birth welfare and tax-welfare agenda, along with their womb-privilege agenda in workplaces, does nothing but hurt me.

If a woman wants to win the POTUS job, she will not emphasize being a woman and women’s issues. She will either be all-business or a natural woman with more of a sense of humor about that side of life, keeping it in its place, which is not mixed with business. She will not pretend to be a man in her mannerisms, but won’t talk about women’s privileges and women’s grievances. All of our grievances are not the same.

In reply to by wildbad

azusgm Bush Baby Thu, 12/07/2017 - 12:48 Permalink

One big change is that a lot of the evidence of corruption is in the public domain and available for free on the internet for anyone of an analytical persuasion. My favorite one-man investigative team is Charles Ortel. He is vigorously trying to gain the attention of someone (anyone) who will take his volumes of evidence and the far-reaching case he has made against the Clinton Foundation.He and Jason Goodman of Crowdsource the Truth sit down 1-2 times/week to lay out the evidence and walk us through it. His recent presentations have been designed for the use of investigators with an eye toward possible prosecution of charity fraud and restitution to the government of the taxes inappropriately branded as charitable deductions when then slush fund was not a proper charity.Here is the video playlist:https://www.youtube.com/watch?v=CkXy9rphlho&list=PLBlSynguD0vanqruwm6O9…

In reply to by Bush Baby

Omen IV Shitonya Serfs Thu, 12/07/2017 - 09:49 Permalink

these penalties and the bank settlements were mitigated based upon diversion in contributions to NGO's and religious orgs to bring in and provide welfare for refugees like the  Somali got here and sustained themselves with this money - Banks like Chase provided the funds ultimately in lieu of Billions in Fines and verdicts Hillary would have brought in tens of millions

In reply to by Shitonya Serfs

pods nsurf9 Thu, 12/07/2017 - 12:38 Permalink

Well those rates have to be that high, I mean, the CC companies are loaning all that money to people, right?Wait, the PEOPLE create the money every time they swipe their cards?  And then pay the CC company for the privilege?  No, that can't be happening.  That would be criminal.<takes blue pill>Ahh, feel much better now. Maybe I will go and get me a new TV.  One of those 4K resolution Smart TVs.  I got a credit card.........pods

In reply to by nsurf9

chubbar shitshitshit Thu, 12/07/2017 - 09:41 Permalink

Holy shit, if this is true, which it likely is. That fucking cunt Warren needs to be cuffed, right now. These fucking democrats are the biggest fucking pieces of shit ever. Imagine the fucking graft and bribes that have been floating around DC these past few years? No wonder half the fucking GOP is fighting Trump, they are no doubt the recipients of some of this shit!Trump needs to start a RICO investigation with a fucking Special Prosecutor right away, this is unfucking real!!!!

In reply to by shitshitshit