Senator Warren’s CFPB is full of problems and almost as soon as it was instituted became a spawning ground for cronies. Add that the CFPB is housed within the Federal Reserve without real Congressional oversight (particularly on funding issues) and one can see why there are so many issues around the Consumer Financial Protection Board. Consider that the CFPB is not subject to funding allocation by Congress. The Federal Reserve pays for it. How this is constitutional is beyond me.
The CFPB, sold as a protector of “consumers” is just another part of the big crony blob that feeds at the trough of government.
See the links to the right for more on this somewhat obscure, but deeply crony agency.
(From The Washington Post)
According to the Department of Justice memo, the Dodd-Frank language about changing CFPB directors is “unusual” but the White House may name an interim chief. Such advice is open to legal challenge.
Administration officials say the 1998 Federal Vacancies Reform Act gives the president the power to temporarily fill agency positions, except for those with multimember boards – an exemption they said did not apply to the CFPB.
Republican Senator Lindsey Graham, also on “State of the Union,” disputed the notion that the White House lacked authority.
“I think the president’s on good ground here to appoint somebody under the vacancy statute,” Graham said.