CFPB Audits Taxing Small Banks

It appears the Consumer Financial Protection Bureau has become Big Brother, watching small banks and mortgage lenders/brokers.  Why doesn’t the government understand that all of the rules and regulations it puts in place that require investment in programming, software, and training will end up costing the end consumer in higher fees and mortgage payments? It should not be forgotten that Richard Cordray, head of CFPB, was a recess appointment by President Obama.  This is generally the modus operandi of a president who knows that an appointment would not be approved by Congress.  The creation of the CFPB is a result of new regulations in the Dodd-Frank bill…interesting that neither Dodd nor Frank are seeking re-election.

Link to TBWS Daily video

here.

In Heritage Foundation’s Morning Bell: Obama’s Imperia Presidency, Part II, “Matthew Spalding, Vice President for American Studies and Director of the B. Kenneth Simon Center for Principles and Politics at The Heritage Foundation, wrote about the imperial presidency in June:

We can now see before us a persistent pattern of disregard for the powers of the legislative branch in favor of administrative decision-making without—and often in spite of—congressional action. This violates the spirit—and potentially the letter—of the Constitution’s separation of the legislative and executive powers of Congress and the President.”

President Obama has no Constitutional authority  to make laws, yet when he has not been able to do so through Congress he has acted unilaterally, and declared that he had no other alternative.