Sen. Enzi: The CFPB is going to act like the “Google Earth” of all financial transactions

posted at 1:21 pm on July 17, 2013 by Erika Johnsen

I mentioned last night that the Senate finally went ahead and confirmed Richard Cordray as the director of the Consumer Financial “Protection” Bureau created by the Dodd Frank act, with seventeen Republicans switching course and giving the go-ahead. Republicans had been holding out hoping to nab some reforms to the new bureau to prevent what will amount to some pretty free-wheeling authority to administer Financial Vigilante Justice, maybe with at least annual appropriations from Congress and a larger bipartisan board instead of a single director, but the “nuclear option” fallout did the trick for Democrats.

Sen. Lindsey Graham said that while he supports more changes to the CFPB, the Dodd-Frank banking law that created the agency is the law of the land.

“The law is the law, and you know, if you don’t like the law, repeal it,” the South Carolina Republican said. “You know, that’s my view. I just think using an appointment to change a law is not the right use of an appointment.”

Perhaps. But the fact remains that the CFPB is going to have unprecedented powers, and a lot of them, to regulate the financial sector at will — and not many assurances of transparency to go with them. As Sen. Mike Enzi noted on the floor prior to the Cordray’s confirmation on Tuesday, if the NSA’s actions have you ticked off, well then, get a load of this bureau.

Why is this nomination important? Once the director is approved… by the Senate, we no longer have any control over a bureau that collects everyone’s financial records in detail and can cancel a loan 180 days even if both parties to the loan are happy. … The reason this is of the utmost concern to me and has been for the past three years is the lack of Congressional oversight and blatant privacy intrusions of the Consumer Financial Protection Bureaua, the CFPB. … I said, this bill was supposed to be about regulating Wall Street. Instead, it’s creating a Google Earth on every financial transaction. That’s right, the government will be able to see every detail of your finances. Your permission? Not needed. They can look at your transactions from the 50,000 foot perspective, or they can look right down to the tiny details of the time and place where you pulled cash out of an ATM. … If your data’s being collected, you do not have the option to opt out. Nor does the CFPB need any kind of permission from you to gather your personal financial information.

Sen. Elizabeth Warren — who basically created the Consumer Financial “Protection” Bureau from scratch — felt a bit differently following Cordray’s confirmation yesterday, as you might imagine. Ahem.

A few thoughts here:

1. Uhm… ‘legally obligated to produce reports, comply with audits, testify before Congress,’ etcetera? Kind of like how the Obama administration is already legally required to do all those things, and so often doesn’t?

2. I still find it singularly hilarious that Democrats continually try to paint Republicans as the collusion-loving party of big banks and their lobbyists. Puh-lease. President Obama loves big bankers and their lobbyists — in fact, he loves them so much, he wrote them an entire gigantic law that so kindly helps them in squashing the market-inherent regulator of competition.

3. Pretty convenient that big-government Democrats have had greedy, cheating, Wall Street fat cats to blame the entire financial crisis on, so they don’t have to actually going about reforming Freddie Mae or Fannie Mac or the many facets of the federal government that played such a major role. Because that would implicate the federal government, but more government is always good! Amirite?


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Internet tax anyone?

Bmore on July 17, 2013 at 1:28 PM

When you see the name has “protection” in it, like Obamacare, then you know you’re screwed.

/protection racket

Paul-Cincy on July 17, 2013 at 1:29 PM

For a minute there, I thought he was talking about the Corporation for Public Broadcasting.

Which would make about as much sense.

Bat Chain Puller on July 17, 2013 at 1:29 PM

“The law Constitution is the law Constitution, and you know, if you don’t like the law Constitution, repeal amend it,” the South Carolina Republican I said. “You know, that’s my view. I just think using an appointment weasel words to change a law avoid a fight is not the right use of an appointment a Senate postion.”

How’s that, Grahamnesty?

Bitter Clinger on July 17, 2013 at 1:33 PM

Who cares…they just announced there’s gonna be a Sharknado part two!

xblade on July 17, 2013 at 1:33 PM

Very Soviet Union – of course this affects people with money more than the welfare takers.

Welcome to the USSA…..

Democrats must be destroyed. You cannot “work” with them.

They have done their best and have almost destroyed the Republicans.

How much more can a Republic take?

2014 – Take the Senate

2016 – Take the White House

2016-2040 Destroy as much as the government infrastructure as you can.

If American is still around by 2040 – have fun……

redguy on July 17, 2013 at 1:36 PM

When will the tumbrels start rolling up Capitol Hill?

Not soon enough!

Another Drew on July 17, 2013 at 1:38 PM

Watch your tail

Schadenfreude on July 17, 2013 at 1:38 PM

Beacon on the hill?

obama killed the last shred of sanctimony, moral authority, decency and freedom the US had, all on purpose.

I hope he destroys all who brung him, directly/indirectly, and theirs. That includes you, fools of the world who cheered for him.

Rs, you need to be destroyed too, most all in DC, you utter moronic enablers of him and the latrine Ds.

Schadenfreude on July 17, 2013 at 1:41 PM

Will Indians be exempt from CFPB…?

d1carter on July 17, 2013 at 1:44 PM

Why am I not surprised the that usual collection of RINO’s were the 17 who voted to confirm Cordray?

Or were the one’s who surrendered to Dingy Harry’s extortion ploy?

Principles aren’t principles if one isn’t willing to stand for them.

Re:

1. Uhm… ‘legally obligated to produce reports, comply with audits, testify before Congress,’ etcetera? Kind of like how the Obama administration is already legally required to do all those things, and so often doesn’t?

Look at that same collection of 17 as the leaders who aren’t holding the Administration’s feet to the fire and executing their oversight obligations for the American people. Why? Because they are afraid of being targeted by the lamestream media – and prefer the ‘easier’ path…

Athos on July 17, 2013 at 1:45 PM

Your permission? Not needed. They can look at your transactions from the 50,000 foot perspective, or they can look right down to the tiny details of the time and place where you pulled cash out of an ATM.

WTF????????????????????????????????

Alternate headline: Obama exceeds Nazi spying

Hitler didn’t even have this kind of power.

faraway on July 17, 2013 at 1:45 PM

Lindsey is confident of his re election….Johnny Mc told him what to do.

d1carter on July 17, 2013 at 1:46 PM

Dingy is smiling…

d1carter on July 17, 2013 at 1:47 PM

Pretty convenient that big-government Democrats have had greedy, cheating, Wall Street fat cats to blame the entire financial crisis on, so they don’t have to actually going about reforming Freddie Mae or Fannie Mac or the many facets of the federal government that played such a major role.

It’s a funny thing how you’d be hard pressed to find anyone with credibility on Wall Street who’d disagree that greedy, cheating fat cats were to blame for the crisis. Repackaging subprime loans as AAA securities and for injection into the global financial system, along with a number of other inventive derivative products, in addition to casino-like risk taking among dealer brokers were at the heart of the financial crisis.

While a few hundred billion in bad and questionable loans on the books for Freddie and Fannie are not to be overlooked, those losses are a drop in the bucket compared to the size of the US economy and on their own too small to trigger a national or global crisis. And most of those were simply liar loans:

http://www.ritholtz.com/blog/2011/12/fbi-estimates-80-of-mortgage-fraud-involved-industry-insiders/

You can also claim that regulation isn’t the right response to the even larger LIBOR rate scandal, although it’s hard case to make.

bayam on July 17, 2013 at 1:47 PM

The Fourth Amendment (Amendment IV) to the United States Constitution is the part of the Bill of Rights that guards against unreasonable searches and seizures, along with requiring any warrant to be judicially sanctioned and supported by probable cause.

faraway on July 17, 2013 at 1:48 PM

Empower liberal fascists and you get fascism….

…the CFPD is just another means to that end. Remember, the CFPD is all about ensuring ‘fairness’.

Athos on July 17, 2013 at 1:51 PM

OT, more excuses and the Rs are where?

Schadenfreude on July 17, 2013 at 1:52 PM

They can look at your transactions from the 50,000 foot perspective, or they can look right down to the tiny details of the time and place where you pulled cash out of an ATM.

I see why they wanted this appointment now.

This is a the world’s largest Extortion Tool. Good luck with those 2014 elections.

faraway on July 17, 2013 at 1:55 PM

How about someone in the gop (the supposed opposition party) why we now live in a police state? And why the 4th Amendment is just in tatters……and that’s okay somehow?

http://news.yahoo.com/driving-somewhere-theres-govt-record-140052644.html

Liberty killing has a name……..Government.

WASHINGTON (AP) — Chances are, your local or state police departments have photographs of your car in their files, noting where you were driving on a particular day, even if you never did anything wrong.

Using automated scanners, law enforcement agencies across the country have amassed millions of digital records on the location and movement of every vehicle with a license plate, according to a study published Wednesday by the American Civil Liberties Union. Affixed to police cars, bridges or buildings, the scanners capture images of passing or parked vehicles and note their location, uploading that information into police databases. Departments keep the records for weeks or years, sometimes indefinitely.

http://legal-dictionary.thefreedictionary.com/Fourth+Amendment

The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.

PappyD61 on July 17, 2013 at 2:01 PM

Sen. Enzi: The CFPB is going to act like the “Google Earth” of all financial transactions

More like the Apple Maps of all financial transactions – distorted, incorrect, warped … but released for idiots to use for navigation, anyway … only this is government so people are forced to submit.

This is why gold is so important. Even cash is traceable and leaves footprints for these retarded monsters in government to chase after. Gold is not traceable, cannot be destroyed, and cannot be counterfeited – it is REAL CASH MONEY, beyond the reach of government.

Silver works too, of course, but gold is singular in that it tends to function as nothing but money. Pure cash.

Now that we all live in the American Socialist Superstate this sort of stuff becomes that much more important.

ThePrimordialOrderedPair on July 17, 2013 at 2:01 PM

Not to downplay the greed and avarice on Wall Street regarding the mortgage crisis (most of whom are major contributors to the DNC and liberal politicians), don’t give Fannie / Freddie a pass on their central role in the creation of the crisis.

Under James Johnson, Franklin Raines, Jamie Gorelick, Thomas Donilon, and facilitated by many others (Barney Frank, Chris Dodd, and Larry Summers) – Fannie Mae built the house of cards that collapsed in 2008.

I highly recommend NYT Business reporter Gretchen Morgenson’s book ‘Reckless Endangerment’ for an eye opening look into the causes of the 2008 financial crisis.

Athos on July 17, 2013 at 2:02 PM

This is why I’m paying off all of my debts and going galt on the system. And I make a healthy living. But when the rest of society votes for this or willingly ignores this stuff, I refuse to participate.

beatcanvas on July 17, 2013 at 2:02 PM

So, the federal government has a new acronym for the American people:

CFPB

Well, the American people have a new acronym for the federal government:

FU

MichaelGabriel on July 17, 2013 at 2:12 PM

Tacking right because of Liz?

Although he seems pretty conservative, I’d prefer Liz over him.

22044 on July 17, 2013 at 2:14 PM

Democrats must be destroyed. You cannot “work” with them.
They have done their best and have almost destroyed the Republicans.
How much more can a Republic take?
2014 – Take the Senate
redguy on July 17, 2013 at 1:36 PM

Redguy, you do realize that 36% of the Republican Senate just approves the CFPB czar? What makes you think that another 5 GOP Senators would change anything? The Republicans are the problem. Clean house there first…then worry about the Dems.

Afterseven on July 17, 2013 at 2:20 PM

You can bet this organization will be corrupted for political purposes just as the IRS has, and the FBI, ATF, DOL, NSA, etc. The proggies just can’t help themselves, “anything for the cause” is one of their core beliefs.

slickwillie2001 on July 17, 2013 at 2:23 PM

From my understanding of Sen. Enzi, he’s one of the more conservative Republican Senators. But, having been on the Hill for nearly 18 years, he’s also one of those who, until now, has not been willing to get out front and lead against the progressive agenda. He’s been one of those who seeks to compromise even when the other side isn’t willing to compromise….in other words, he’s a follower.

I doubt Liz Cheney would be one of those. I suspect she is seeking to replace him because the GOP Senate membership need more people like Ted Cruz and Rand Paul to step forward, speak out, confront, and lead.

Athos on July 17, 2013 at 2:23 PM

It might be useful for NSA or whatever off-record place this information already likely resides to be able to blame this new agency on occasion.

kunegetikos on July 17, 2013 at 2:25 PM

The GOP has now endorsed the illegal appointment and de facto assumed coauthorship of the entire bill. Good work, guys.

kunegetikos on July 17, 2013 at 2:26 PM

…going to act like the “Google Earth” of all financial transactions

Can I get the Google cars or Google glasses of all financial transactions? Think that’d be much ‘cooler’.

socalcon on July 17, 2013 at 2:28 PM

The campaign slogan for all GOP candidates in 2014 and 2016 should be

“Just Undo It”

http://www.thoseshirts.com/jus.html

Chris of Rights on July 17, 2013 at 2:44 PM

Citizenship?

Schadenfreude on July 17, 2013 at 2:52 PM

Schadenfreude on July 17, 2013 at 2:52 PM

That’s just freakin’ scary. I hate liberals/progressives.

kirkill on July 17, 2013 at 3:18 PM

Doomberg on July 17, 2013 at 2:52 PM

At this point even the KY Jelly is failing to make the screwing palatable.

chemman on July 17, 2013 at 3:59 PM

The strange thing is that politicians are, as a group, the most financially corrupt of us all, and that puts them at the greatest risk.

Whatever political party controls the executive branch will have carte blanche to rat out (or blackmail) anyone on the other side at any time.

Then throw in the non-politico CFPB employees who will actually be gathering the data. Any chance one of them “leaks” some real dirt ala Snowden?

Never happen, right?

Right.

BobMbx on July 17, 2013 at 4:12 PM

Mike Enzi … can speak?! It’s ALIVE!

Jaibones on July 17, 2013 at 5:36 PM

Alternate headline: Obama exceeds Nazi spying

Hitler didn’t even have this kind of power.

faraway on July 17, 2013 at 1:45 PM

With the guarantee I’ll be Godwined…here’s your headline:

Obama makes Hitler look like a piker.

Jaibones on July 17, 2013 at 5:39 PM

You can bet this organization will be corrupted for political purposes just as the IRS has, and the FBI, ATF, DOL, NSA, etc. The proggies just can’t help themselves, “anything for the cause” is one of their core beliefs.

slickwillie2001 on July 17, 2013 at 2:23 PM

Voted for by Republicans who think they will benefit from the law, in an alternate universe where the GOP controls the government.

The strange thing is that politicians are, as a group, the most financially corrupt of us all, and that puts them at the greatest risk.

Whatever political party controls the executive branch will have carte blanche to rat out (or blackmail) anyone on the other side at any time.

Then throw in the non-politico CFPB employees who will actually be gathering the data. Any chance one of them “leaks” some real dirt ala Snowden?

Never happen, right?

Right.

BobMbx on July 17, 2013 at 4:12 PM

AesopFan on July 18, 2013 at 1:18 PM