WSJ Editorial: The Unconstitutional Mr. Cordray

The most powerful un-elected man in Washington finally has a boss. We’re referring to Richard Cordray, who runs the Consumer Financial Protection Bureau (CFPB) and whose job was ruled “unconstitutionally structured” by a federal appeals court on Tuesday. Mr. Cordray will now have to report to President Obama, who can fire him at his pleasure.

A Limited Victory for Limited Government as CFPB's Structure Ruled Unconstitutional (Reason)

A federal court ruling that says the Consumer Financial Protection Bureau is "structurally unconstitutional" won't stop the powerful federal regulatory agency from carrying out its agenda, but it's a small victory for limited government nonetheless.

Court: Consumer bureau's structure is unconstitutional (The Hill)

“Congress must pass comprehensive Dodd-Frank reform that includes an overhaul of the CFPB, including a change in the leadership structure, bringing the agency under the traditional congressional appropriations process, and subjecting it to the same anti-discrimination standards as other federal agencies and private corporations,” said Brian Wise, president of the U.S. Consumer Coalition, a group opposed to the agency.

Do the CFPB’s Massive Data Collection Efforts Pose a Threat to Americans? (DS News)

The Consumer Financial Protection Bureau (CFPB) has engaged in 12 massive collection efforts of private data from American citizens, including mortgage loan-level data and transaction-level data on consumers’ credit cards and checking accounts.

Newt Gingrich Brings Fireworks and Intrigue to CFPB Hearing (Morning Consult)

“It is dictatorial. It is unaccountable. It is practically unrestrained in expanding on its already expansive mandate from Congress,” Gingrich said. “This is your government as a bully, and it is your government as a blackmailer.”

CFPB's Database Should Be Bipartisan Privacy Concern (Newsmax)

A June poll by Zogby on behalf of the U.S. Consumer Coalition found that only 20 percent of American agree with the CFPB’s collection and review of credit card statements without consumers’ knowledge.  Yet Democrats critical of the NSA have actually stayed silent or even defended the CFPB on this issue.

The Consumer Financial Protection Bureau Should Stop Hurting the Poor (Reason Magazine)

Combating bad ideas would be much easier if they were all backed by ill intent. More often than not, however, the opposite is true, and the worst government policies are enacted with the intention to help. Such is apparently the case with the aggressive campaign by the Consumer Financial Protection Bureau to eliminate the payday lending industry.

Reps. Sinema and Neugebauer: Depoliticizing Elizabeth Warren’s Pet Project (WSJ)

We believe consumer protection is critical to a well-functioning and sustainable financial marketplace, and the CFPB has an important role to play. To ensure a stable and deliberative regulatory process, the agency should be insulated as much as possible from the whims of partisan politics. A bipartisan commission leadership structure is best to achieve this outcome.

Former Speaker Newt Gingrich: Congress Must Reclaim Consumer Finance Bureau (RCP)

Government bureaucracies have a way of acquiring more rather than less power and resilience over time as people come to assume — because they exist — that everything they do serves legitimate and important public purposes. We forget, in other words, how we managed to get along without them.

Capitol Hill Conservatives Fight To Rein In ‘Rogue’ CFPB (OAN Network)

While their efforts to repeal Obamacare have failed, Capitol Hill conservatives are still looking to undo President Barack Obama’s liberal legacy by targeting the Consumer Financial Protection Bureau. The CFPB was created by the Dodd-Frank Wall Street reform law and conservatives charge it is a regulator out of control. OAN's Neil McCabe reports.

Poll: More Americans Concerned About Gov’t Mining of Credit Card Data Than NSA (CNS News)

The public opinion survey, conducted in cooperation with the U.S. Consumer Coalition, focused on a little-known federal agency called the Consumer Financial Protection Bureau (CFPB), which collects large amounts of personal financial information.