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It's primary gimmick is the following: it isn't dependent on funding from US Congress. At one time, it even used to be independent of the US Executive Branch until a court ruling in 2016 that the US President could fire the head of the agency.
A three-judge panel on the 5th Circuit Federal Court of Appeals ruled this week that the CFPB's structure is unconstitutional because Congress has no control over the agency's budget, which is funded entirely by the Federal Reserve. Under the terms of Dodd-Frank, the CFPB is entitled to receive a budget totaling up to 12 percent of the Federal Reserve's annual operating expenses, and the Federal Reserve is not allowed to refuse the CFPB's requests for funding.
Now, that funding model has been used to reverse a ruling by the CFPB as unconstitutional with the potential to put all its rulings since formation into question on the same constitutional basis.
Why it matters: The reasoning behind the ruling, if upheld, could potentially invalidate all the rules enacted by the CFPB over its 11-year existence — including regulations underpinning the U.S. mortgage system.
This is one of the big reasons I oppose the passing of bad law even when it serves a concrete good. It can take a long time to fix the massive problems that such law brings.
And note that a key argument by the court was that there was no precedent for the CFPB's unconstitutional structure. If there had been other agencies with similar setups, this could have been very hard to overturn. Similarly, the CFPB is a precedent for future breaking of the US Constitution along these lines. Without the ruling, there would have been a stronger case for future misdeeds of this sort.
(Score: 1, Touché) by Anonymous Coward on Saturday October 22 2022, @08:54PM (10 children)
How do I know this without a shadow of a doubt?
Republicans don't like it and claim it hurts banks ability to lend. Two groups of selfish greedy pricks filled with criminals stealing from the general public in a variety of legal, illegal, and semi-legal ventures. I note the complete lack of details in this journal and your previous rant as wrll, just some hot air about CFPB BAD! Shit son, at least the complaints against Trump weren't pure bullshit whining by rich peoole mad about slight oversight and accountability, but you still freaked out. Now you defend this anti-citizen garbage?
I'm starting to suspect you are secretly a Republican /s
(Score: 1) by khallow on Sunday October 23 2022, @12:38AM (9 children)
I'm interested in rational argument not unfounded confidence.
(Score: 1, Informative) by Anonymous Coward on Sunday October 23 2022, @11:18PM (8 children)
If you bother looking at the GOP's track record since Reagan you'll better understand why Republicans are evil. Unless you are a multi-millionaire then Republicans are good for your bank account. Given your free market purism I imagine you are incapable of comprehension since it violates your view of reality. Hope you get past the libertarian ideology someday, and don't worry you can retain the good bits to better yourself as a person.
(Score: 1) by khallow on Monday October 24 2022, @02:52PM (7 children)
So what? This thread started because some idiot said that if Republicans opposed something, it must be good. Looking at the Republicans' track record doesn't tell you that. Meanwhile, if you instead look at the various tricks done to make the CFPB highly resistant to legitimate political controls from both the Legislative and Executive branches, you see signs not just of unconstitutionality and other illegality, but also a huge hubris that assumes it will be right for all time with no need for such control!
(Score: 0) by Anonymous Coward on Monday October 24 2022, @09:18PM (6 children)
Odd how you care about this issue but defended all the fascist destruction of our government institutions under that last administration. Really highlights your massive hypocrisy, thank you!
(Score: 1) by khallow on Tuesday October 25 2022, @03:38AM (5 children)
Like what?
(Score: 0) by Anonymous Coward on Tuesday October 25 2022, @09:08AM (4 children)
Well, there was this Joint Session of Congress, where they were supposed to ratify the lawful results of an election. Lots of Republicans, it seems, tried to destroy that. One of them, however, pranced across a hallsway to escape the insurrectionists, another, we just found out, hid in a closet (Ted "Cancun" Cruise).
Supporting the Richies in their plan to rip off the lower classes is not going to get you a job with them, khallow. They despise you even more than we do.
(Score: 1) by khallow on Tuesday October 25 2022, @01:36PM (3 children)
And they did ratify the lawful results of the election that same day though allegedly a few hours late. So much for the fascist destruction of the US government!
And to reuse that argument that repeatedly shows up here, where in the US Constitution does it say that a protest can't interfere with the operation of the federal government? Is it small print on the First Amendment perhaps?
(Score: 0) by Anonymous Coward on Tuesday October 25 2022, @06:19PM (2 children)
^ that is khallow's greatest post yet, just oozing with attempts to ignore an insurrection triggered by a fascist criminal that is actively trying to destroy the US, and you sucker conservatives are cheering it on because you've become afraid little xenophobes.
Allegedly? Lol
So much for the fascist destruction? Yes, thankfully the first run was barely foiled. The second will be much worse if conservatives can't get a fucking grip on their emotions.
Suddenly violent protests are OK with you? After all that whinging about the BLM riots? Ruh roh, khallow has gone full QQQrazy!
(Score: 1) by khallow on Tuesday October 25 2022, @11:58PM (1 child)
You're not trying very hard. And that was a sad moving of the goalposts. There wasn't anything "barely" about this foiling.
(Score: 0) by Anonymous Coward on Wednesday October 26 2022, @10:55PM
OOO-TAY Runsaway!