The CFPB falls under the umbrella of the Federal Reserve. It is funded by the Federal Reserve, which makes the Bureau very unique. Congress can’t rein it in fund wise, because the Federal Reserve makes its own rules. The Fed in many ways is bigger than Congress, and in the CFPB the Fed has gained a powerful, self-funded tool to do what it wants in the everyday economy.
That’s why the CFPB is coming after bankruptcy records.
First it appears that the CFPB tried to gather millions of private bankruptcy records by going through the US Trustee, a small government agency which deals with bankruptcy matters in this country. That effort failed. Now the CFPB is just coming after the records, held and compiled by a private company, without even appearing to go through any channels.
We are going to be living with the mistakes of Dodd-Frank for a very long time.