Chairman Campbell questions CFPB Director Richard Cordray on the agencys spending of U.S. tax dollars with no oversight by Congress, the President, or the Federal Reserve, from which it obtains its funding. Highlighting the CFPBs decision to spend an additional $185 million on expansions to its headquarters, Chairman Campbell demonstrates the critical risk of waste, fraud and abuse of the American taxpayer by this unaccountable agency. You were established because of overspending on housing, explains Chairman Campbell, But, in my view and the view of many others, you are overspending on your own housing. Citing reports of employee discrimination based on gender and race occurring within the CFPBs own ranks in addition to the consumer discrimination being reported by those regulated by the agency, Chairman Campbell explains that these victims have no legal recourse whatsoever due to the CFPBs structural lack of accountability. He further excoriates the CFPB for collecting data on consumers that is entirely unrelated to mortgages, credit cards and other financial transactions, such as religion or race, and stating that it will keep that private information on file indefinitely.
Posted on: Wed, 18 Jun 2014 20:59:45 +0000
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