Stating the CFPB infringes on consumer’s privacy while alleging to help them, Kel Kelly, a researcher at the Ludwig von Mises Institute says, “Though polls show that most people are against this encroachment, given the way our government works, the CFBP will likely now receive increased funding to ‘fix’ this ‘problem,’ with the result being that its actions will become even more egregious and bring still more harm to American citizens.”
Competitive Enterprise Institute (CEI) Senior Fellow John Berlau says the CFPB was designed by lawmakers to be unaccountable to the public. He says, “Nearly all of the overreach of the CFPB, from its massive database of consumer transactions to its red tape strangling consumer choice and smaller banks, stems from the fact that it was designed to bypass constitutional safeguards that ensure meaningful oversight.”
As MHProNews reported July 27, 2015, the U. S. District Court of Appeals in Washington, D. C. has ruled the State National Bank of Big Spring, Texas, because it is regulated by the CFPB, has the legal standing to challenge the constitutionality of the agency. Berlau, noting the banks challenge to the agency and to the legitimacy of its director, Richard Cordray, says, “We look forward to pressing our case and freeing the American people of this unaccountable and unconstitutional monstrosity.” ##
(Image credit:getoutofdebt/Steve Rhode)
