Then there’s the real story.
The CFPB was always a misbegotten enterprise. It was specifically designed to act as an agency free of constitutional restraints. There’s a reason the D.C. Court of Appeals described its set-up as ridiculously unconstitutional, stating, “when measured in terms of unilateral power, the Director of the CFPB is the single most powerful official in the entire US Government, other than the president. Indeed, within his jurisdiction, the Director of the CFPB can be considered even more powerful than the President.”
And Cordray didn’t use the CFPB to protect consumers as much as to set up a protection racket. The CFPB would shake down companies into million-dollar settlements to continue funding the organization. The CFPB would then redirect millions of dollars into the pockets of firms connected with top-tier Democrats.