CFPB is a perfect example of an embedded deep state that is totally unaccountable to voters

Mike Hunter:

Lord Acton once said that "power tends to corrupt…and absolute power corrupts absolutely."

Nowhere is this truer today than at the Consumer Financial Protection Bureau. The CFPB is the quintessential example of what happens when accountability to Congress and the president is removed—when there are no checks and balances on the power of an unelected bureaucrat.

Created as a part of the Dodd-Frank Act in 2010, the CFPB wields immense, unbridled power over consumers and businesses, dictating the circumstances in which people have access to basic banking, student loans, home financing, credit cards, and a host of other financial services.

All of this power resides in one person: CFPB Director Richard Cordray, who was appointed by former President Barack Obama. Cordray answers to no one. Although Cordray has exercised his vast, hyper-paternalistic authority in a manner that has limited consumer choice and shuttered community banks, the president cannot fire him absent a finding of "inefficiency, neglect of duty or malfeasance in office."

On top of all this, the director—not Congress—controls the CFPB's annual budget and is thus utterly unrestrained by Congress's power of the purse. And, even though the presidency that spawned Cordray and the majority in the Senate that confirmed him are now in the hands of different parties, Cordray remains in firm control of his part of the government.

Despite the term limits imposed on the nation's top executive by the Constitution, the Obama CFPB persists. It is a dictatorship embedded in a democracy and an egregious affront to our system of government.

The arrogance that necessarily follows such an accumulation of power is on full display in the Cordray-led CFPB. As Sens. Ben Sasse, R-Neb., and Mike Lee, R-Utah, pointed out recently, Cordray has vigorously exploited his untouchability and "repeatedly advanced unnecessary regulations"—regulations that kill jobs, bloat government, and restrict liberty. In particular, the Senators noted, Cordray's CFPB has overburdened credit unions and community banks; proposed rules that reduced access to credit for average consumers; and relied on flawed research. He's also utilized enforcement actions in lieu of rulemakings—circumventing a process designed to give notice to the public and collect diverse viewpoints.
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I think Elizabeth Warren was also responsible for this monstrosity.  It is an example of liberal Democrat overreach in creating the Dodd-Frank act.  That act was an attempt by Democrats to cover up their complicity in creating the financial crisis and an attempt to destroy accountability for mistakes.  The courts need to find the CFPB to be unconstitutional and kill this monstrosity.