The Consumer Financial Protection Bureau (CPFB) was originally created by congress (Elizabeth Warren lead) as a quasi-constitutional watchdog agency to reach into the banking and financial system, under the guise of oversight, and extract money by fining entities for CFPB defined regulatory and/or compliance violations.
Essentially, the CFPB is a congressionally authorized far-left extortion scheme in the banking sector. The CFPB levies fines; the fines generate income; however, unlike traditional fines that go to the U.S. treasury, the CFBP fines are then redistributed to left-wing organizations to help fund their political activism.
The Consumer Financial Protection Bureau (CFPB) was the brainchild of Senator Elizabeth Warren as an outcome of the Dodd-Frank legislation. Within the CFPB Warren tried to set up the head of the agency, the Director, in a manner that that he/she would operate without oversight. Unfortunately, her dictatorial-fiat-design collapsed when challenged in court. Backstory #1 – Backstory #2
Previously, a federal court found the CFPB Director position held too much power and deemed it unconstitutional. The court decision noted that giving the President power to fire the Director would fix the constitutional problem. However, a second set of legal challenges targeted the core of the CFPB scheme, the financing.
WASHINGTON DC – An appeals court on Wednesday ruled that the Consumer Financial Protection Bureau’s funding mechanism is unconstitutional, in a victory for lenders that have targeted the agency’s structure in a years-long bid to tamp down regulation.
A three-judge panel of the 5th U.S. Circuit Court of Appeals ruled that the design of the CFPB violated the Constitution because it receives funding through the Federal Reserve, rather than appropriations legislation passed by Congress. Democrats established the structure when they created the CFPB in the 2010 Dodd-Frank law as a way to shield the bureau from political pressures that could impact its oversight of the finance industry.



