Guest post by SamAdams
We’ve already highlighted former Ohio Attorney General Richard Cordray’s illegal recess appointment and unethical political activity after he pledged to keep politics out of his new job.
Now Cordray and the CFPB have asked for the ability to regulate debt collection agencies and credit reporting bureaus. In effect, greatly expanding their already ambiguous authority.
I’m not disputing the fact that these businesses should fall under the scope of federal oversight, because they probably do. The problem is that Cordray is using the vague powers of the CFPB as an excuse to subvert the authority of Congress, who should be the ones deciding this issue.
In his first few months on the job, after being illegally placed there, Richard Cordray has managed to break his promise to the American people and greatly expand the size and scope
We can’t wait to see what’s next.