CFPB: Declaration of Dependence

Born as a fiercely independent agency meant to protect citizens, the Consumer Financial Protection Bureau has quickly been subsumed into the Trump administration. Banks, student-loan agencies and payday lenders are the winners.

In early February, the Federal Reserve delivered its most significant punishment of a major bank in a generation, sanctioning Wells Fargo for its pattern of customer exploitation.

A few blocks away, meanwhile, another of the giant bank’s regulators, the Consumer Financial Protection Bureau, has recently displayed a different attitude: It has been softening on scandal-inundated Wells Fargo. After an edict about data handling from Mick Mulvaney, the man Donald Trump installed as acting head of the agency late last year, the bureau’s enforcement lawyers suddenly found their hands tied, according to three CFPB staffers. The attorneys weren’t permitted to upload information the bank supplied about its auto insurance business, one of the areas in which Wells Fargo has been accused of malfeasance.

Another probe of bad behavior — this one involving Wells Fargo’s treatment of its checking customers — has bogged down, ProPublica has learned. And a third investigation of the bank (for mortgage abuses) that was about to yield tens of millions of dollars in fines, according to Reuters, now languishes unresolved. Staffers fear they will be ordered to reduce the penalty that Richard Cordray, the previous head of the agency, approved before he left, according to people familiar with the probe.

To continue go to ProPublica….

7 Responses

  1. CFPB was useless for me ,, gave them OCWEN on a silver platter for two very well documented violations and all they did was inquire from the perps about the crimes and took their word that nothing happened…

  2. Thanks. BLD, google or search “usedkarguy” on this site for history.
    Last payment July 08, still in the house.2 HAMPS, 3BK’s, 2 adversaries, one fraud suit, defending the second foreclosure right now against Wells Fargo masquerading as a non-existent entity.
    If you can document securities fraud or multiple loan accounts against your property (evidenced by duplicate notices days apart referencing your loan number with a prefix that comes and goes, a description of the loan number with the words “client” or “region” on duplicative statements or letters) send that information to FINRA via their whistleblower address: They won’t or can’t do anything for you, but they can create some headaches too.

  3. @Roger Rinaldi:
    You pretty much hit the nail on the head with your commentary regarding the toothless CFPB and the host of accomplices (politicians, judges, law enforcement officials) who sit idly by and allow the illegal behavior to go unabated.

    I wonder if Senators Kamala Harris or Elizabeth Warren could become leverage points in our struggle given their purported presidential aspirations. They are both well acquainted with the illegal activities that are commonplace within the banking industry.

    Let’s get some #Metoo traction going for us beleaguered homeowners!!

  4. We should just demand that they remove the privileged term “Consumer Protection” from their name. Consumer protection is the one thing they don’t do.

    Agree with Roger’s point!

  5. Roger,

    Were you foreclosed?
    Have you been able to get a full blown criminal investigation?
    Private investigator?

    We are in the same position with fraudsters claiming to represent one of the big banks.

    We now have the press involved! They are preparing to bring our story in the next few weeks. Our hope is that this will help other homeowners similarly situated.

  6. CFPB was only a middleman kind of an agency when we made complaints about controversy pertaining to mortgage modification and other illegal things the previous alleged mortgagee had done. It had mentioned that it could not act as an attorney. CFPB just exchanged correspondences and that was all.

    The good thing that they had done was the Consent Orders on other matters.

  7. They are seeking open comment on the worthlessness of the CFPB via the Federal Register.
    In its third Request for Information (RFI) to “ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers,” the Consumer Financial Protection Bureau (CFPB or “Bureau”) seeks comments “to help assess the overall efficiency and effectiveness” of its enforcement process. We issued client alerts previously on the CFPB’s outreach and RFI process, the first RFI relating to Civil Investigative Demands, and the second RFI on administrative adjudications. All three of the RFIs seek to address primary criticisms that the Bureau’s enforcement process has been overzealous and an inappropriate burden on the financial industry. The Bureau seeks comment from any and all commenters. Respondents may well address the issues in all three related RFIs together. The comment period on this RFI will run for 60 days after the RFI is published in the Federal Register, which is anticipated to happen by February 12.

    Email: Include Docket No. CFPB-2018-0003
    in the subject line of the message.

    Maybe something like this in order:

    Throughout numerous conversations with the CFPB (when I was able to get someone on the phone) I have surmised that the agency performs no legitimate function related to enforcement of existing laws on national banking associations, such as Wells Fargo Bank, N.A. I have submitted irrefutable evidence of the use of my personal identifying information and the identifying information for my real property to commit securities fraud upon myself and investors. The loan originated in my name was converted to multiple credit-linked notes issued by Wells Fargo Bank to multiple mortgage-backed securities, and I have identified at least TWO such placements. The loan is pledged to the Wells Fargo Home Equity Trust 2005-2 with a bogus origination date of July 2005, and the loan-level information is aggregated in the EX-99, submitted as part of the 8K for the Wells Fargo Mortgage-Backed Securities 2005-7.
    Numerous complaints to the Office of Comptroller of the Currency, the US BK Trustees office, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), the Federal Bureau of Investigation and FBI Anti Trust San Francisco, and the Internal Revenue Service (detailing the REMIC tax fraud) have resulted in NO CONTACT BY THESE AGENCIES for further information regarding the claims.
    Notification to the Wells Fargo Bank board of directors has done nothing to stop the crimes being committed in the SECOND FORECLOSURE ACTION.
    The creation of the Consumer Financial Protection Bureau, much like the consent judgments entered into by the national bank mortgage-loan servicers with the Department of Justice, have done nothing to stem the tide of fraud on the courts, wire fraud, financial and securities fraud, and bankruptcy fraud. Homeowners have been abandoned by their government agencies sworn to protect and enforce the laws of this country. The failure of these agencies and individuals constitutes misprision of a felony and gross misconduct and dereliction of the duties assigned to their respective official capacities. It is now fully apparent that the Treasury Department is acting in concert with the national banks to continue the fraudulent foreclosure practices committed upon American homeowners. This Government has failed it’s citizens AGAIN.

    I hope everyone reading this will take action against their do-nothing representatives, senators, and federal and state law enforcement bureaucrats who allow these crimes to continue unabated. Americans are being robbed of their homesteads using false, forged, and illegally transmitted documents by National Banks like Wells Fargo, Hong Kong Shanghai Banking Company (HSBC), Bank of America, Chase, PNC, US Bank, Deutsche Bank, and others, in violation of the Racketeer Infuenced Corrupt Organizations Act (RICO) 18 US Code Chapter 96.
    Roger P. Rinaldi
    Bristol, WI 53104

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