An ex-CFPB attorney spills the beans on the agency and we’re not at all surprised at what he has to say.
CLICK HERE to read it for yourself.
Certainly nobody should be surprised by this. I’ve tried to help clients lodge LEGITIMATE complaints with the CFPB and that was an exercise in futility. They are not concerned about the consumer, just their own agency and how to fund their big paychecks. Frankly, I was hoping for better, but now would just like to see them dissolved. They are useless!
All penalty fees received by the CFPB either go directly to consumers or the treasury. The CFPB does not keep any of it. They don’t need to as they just get what they need directly from the Fed without congressional appropriation.
The article is in the National Review by a Republican attorney. Take it as you may.
The CFPB and Cordray and nothing by shake-down artists. I cannot wait until Trump says ‘You’re fired’ to that dip-weed and dismantles this sham operation. They have practically ruined this industry.
Think about it. What’s the purpose of the fine? It’s to penalize bad behavior while shaping future behavior. It’s absolutely appropriate to align fines within the financial ability of the institution. The only way to get their attention. Do you believe a $29 Million dollar fine would enlist the same response from Wells Fargo as a 1 billion dollar Plus fine? Food for thought.