The Consumer Financial Protection Board, which was created by the Dodd-Frank financial regulation bill President Obama signed into law, is operating in almost complete secrecy. The public isn’t allowed in on its meetings and the minutes of those meetings are not available for scrutiny. Why are they being so secretive? Could it be all of the radicals advising them? They’re meeting again today and tomorrow, but we have no way of knowing what they’re up to.
According to an agenda from CFPB’s Consumer Advisory Board, the closed-door talks include issues regarding mortgage “rulemaking” and something called “Approach to Regulation.” The secret talks will take place, ironically, at the Constitution Center in Washington.
It’s critical the financial community and the public know that these powerful officials are scheming with their taxpayer-paid advisers. CFPB has the power to control virtually every financial transaction in the U.S. And it’s doing so with the help of radical advisers.
The 25-member Consumer Advisory Board includes trial lawyers who make a living suing banks, former ACORN activists, and even a member of the Democratic National Committee. Some have taken hundreds of thousands of dollars in federal grant money to gin up housing and lending discrimination complaints. Yet their activities are subject to virtually zero scrutiny.
CFPB not only is paying these community organizer zealots, but is contracting with them to help investigate lenders. One CFBP adviser getting hundreds of thousands of dollars in federal grants is Maeve Brown, a lawyer who runs Oakland, Calif.-based Housing and Economic Rights Advocates, a far-left shakedown group.
Read the whole thing. The Competitive Enterprise Institute is suing the CFPB for what it’s worth, but by the time that law suit is settled who knows how much damage they can do.