[Ed. – This is the brain-child of Elizabeth Warren — which funds itself through fees levied on federal banks, and is therefore virtually impossible for Congress to defund. Besides going after payday lenders, it attacks gun retailers and other targeted businesses by attacking the lenders that serve them.]
The Consumer Financial Protection Bureau remains “the most out-of-control, unaccountable, and nontransparent agency in the federal government,” Brian Wise, senior advisor to the US Consumer Coalition, told Watchdog.org this week on the Vicki McKenna Show, on NewsTalk 1310 WIBA.
“And we can say that without reservation because this is one of the only agencies that literally operates outside of congressional oversight,” added Wise, whose Virgina-based organization “works to protect consumers’ right to access free-market goods and services.”
“The CFPB had a goal of collecting 95 percent of all credit card account information by the end of 2015, and by all accounts they met that,” Wise said.
The agency is using the information to go after the kinds of businesses the Obama administration doesn’t care for – payday lenders, gun merchants, smoking-accessory retailers and dozens more that have made CFPB’s enemy’s list.