art credit: telegraph.co.uk
The Consumer Financial Protection Bureau was set up under
the Obama administration, and it was designed to be exempt from checks and
balances and accountability. An overview at Competitive Enterprise Institute sums
it up in an article titled “Unconstitutionally Structured and Harmful to
Consumers”; article is here.
Cleveland.com has a report by Eric Heisig with the
headline
Consumer Financial Protection
Bureau loses lawsuit
against Cleveland debt collection firm
A federal judge has ruled against
the Consumer Financial Protection Bureau in a lawsuit it filed against
Cleveland debt collection firm Weltman, Weinberg & Reis.
. . .
Senior U.S. District Judge Donald
Nugent wrote in an opinion released Wednesday that the CFPB did not prove that
Weltman, Weinberg & Reis sent demand letters that were false, misleading or
deceptive.
The CFPB sued
Cleveland firm Weltman, Weinberg & Reis in April 2017, saying the
firm's attorneys were not sufficiently involved in sending
out the letters, even though the letters prominently mention they
were sent out by a law firm and occasionally raise the possibility of legal
action for unpaid debts.
. . .
Nugent also wrote that Weltman,
Weinberg & Reis sent out similar letters when Alan Weinberg was hired to
collect debts for the state of Ohio between 2009 and 2011 under then-Attorney
General Richard Cordray.
The point was significant because
Cordray, a Democrat who is campaigning for Ohio governor, was the head of the
CFPB between 2012 and last year. He was at the federal agency when it sued
Weltman, Weinberg & Reis and authorized the lawsuit, the judge wrote.
The Cleveland firm considered
calling Cordray as a witness during the trial, which took place before and
after Ohio's primary elections, but chose not to do so.
…
Read the rest here. I haven’t followed this one, but I would
not trust the CFPB under Cordray from here to the door. From the Wikipedia page:
On May 21, 2018, the bureau was
weakened after US President Donald Trump signed into law Congressional
legislation repealing the enforcement of automobiles lending rules.
On May 24, 2018, Trump signed into law further Congressional legislation
exempting dozens of banks from the CFPB's regulations.
I wish President Trump would just shut the thing down. And Mr. Cordray is running for Governor.
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