SIGforum.com Main Page The Lounge U.S. Federal District court judge rules CFPB structure unconstitutional, bureau can still operate
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Info Guru |
Shut.It.Down. http://kfgo.com/news/articles/...onstitutional-judge/ CFPB's structure is unconstitutional: judge Thursday, June 21, 2018 12:28 p.m. CDT NEW YORK (Reuters) - A federal judge in New York ruled on Thursday that the structure of the U.S. Consumer Financial Protection Bureau is unconstitutional, forbidding the agency from suing a company that advances money to people awaiting settlement payouts. The decision by U.S. District Judge Loretta Preska is at odds with a February ruling by the federal appeals court in Washington that upheld the CFPB's structure. Preska said the office of New York Attorney General Barbara Underwood, which joined the CFPB in suing New Jersey-based RD Legal Funding LLC, could continue pursuing the case. The CFPB declined to comment on the ruling. The Attorney General's office did not immediately respond to requests for comment. The CFPB, created as part of the 2010 Dodd-Frank financial reform law in an effort to stamp out abusive lending, has been the subject of political battles since U.S. President Donald Trump took office. Under the leadership of Mick Mulvaney, appointed as the agency's temporary head in November, the CFPB has shelved new regulations and dropped cases against payday lenders. "We are pleased that court correctly found that the CFPB is unconstitutional as structured, and this underscores that the CFPB never should have brought this action in the first place," said David Willingham, a lawyer for RD Legal Funding, in a statement. Preska said she agreed with a dissenting judge in the Washington case, who found it unconstitutional that the agency was headed by a single director who served a five-year term and could be fired by the president only for cause. The White House announced earlier this month that Trump would appoint Kathy Kraninger, an Office of Management and Budget official, to succeed Mulvaney as head of the CFPB.This message has been edited. Last edited by: BamaJeepster, “Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence.” - John Adams | ||
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| I believe in the principle of Due Process  |
Doesn’t that smoke your teepee? Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
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| Info Guru |
I have a feeling someone is going to be on the warpath soon! “Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence.” - John Adams | |||
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Member |
The date line on that article is: October 11, 2016 / 9:35 AM / 2 years ago | |||
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| Info Guru |
I posted the wrong link. Corrected in the first post now. “Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence.” - John Adams | |||
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Funny Man |
And Howgh! ______________________________ “I'd like to know why well-educated idiots keep apologizing for lazy and complaining people who think the world owes them a living.” ― John Wayne | |||
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| Needs a check up from the neck up  |
The CFPB has made my life hell as I am in the residential real estate business. The closing disclosures which were to educate borrowers do nothing to educate. Shitty lenders still send you changes on the last day. It is marginally better at best for the borrower. It now makes a settlement statement 10 pages for buyer 3 for seller and then a separate 5 pager for both buyer and seller. It used to be 2 then switched to 3 pages. Frankly it is far easier for scumbags to hide money on it than the old form. __________________________ The entire reason for the Second Amendment is not for hunting, it’s not for target shooting … it’s there so that you and I can protect our homes and our children and and our families and our lives. And it’s also there as fundamental check on government tyranny. Sen Ted Cruz | |||
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Baroque Bloke |
“Dodd-Frank”. That says it all, right there. Serious about crackers | |||
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Now in Florida |
It's actually a Federal District Court not an Appeals Court. I know Judge Preska. My brother clerked for her after law school. She is smart as can be and incredibly nice. | |||
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| I believe in the principle of Due Process |
Bama, you might edit the title to reflect district vice Appeals. Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
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| I believe in the principle of Due Process |
The Conservative Treehouse: The CFPB was constructed by Elizabeth Warren and her progressive ideologues as an extra-constitutional government agency. This was entirely by design. The CFPB had two two primary, albeit unspoken, functions. First, it was structured as a holding center for fines and assessments against any financial organizations opposed by progressives. Second, it was a distribution hub for the received funds to be transferred to political allies and groups supportive of progressive causes. To pull off this scheme Elizabeth Warren et al ensured it was structured to allow no congressional oversight; however, it was also structured to have no executive branch oversight – and the funding mechanism for the CFPB budget was directly through the federal reserve. The lack of any legislative or executive branch oversight made the entire scheme unconstitutional according to an earlier court decision. The CFPB defenders then appealed the decision to a select appellate court in Washington DC to continue the construct. The Warren crew won the appeal; but today, in an unrelated jurisdictional ruling a New York judge affirmed the minority opinion setting up a possible supreme court pathway to get a final decision. NEW YORK (AP) – The U.S. government’s beleaguered consumer finance watchdog agency is unconstitutionally structured, a judge said Thursday as she disqualified the agency from serving as a plaintiff in a lawsuit. U.S. District Judge Loretta A. Preska in Manhattan reached the conclusion about the Consumer Financial Protection Bureau in a written decision. Her ruling related to a lawsuit brought against companies loaning money to former National Football League players awaiting payouts from the settlement of a concussion-related lawsuit and to individuals slated to receive money for injuries sustained when they helped in the World Trade Center site cleanup after the Sept. 11, 2001, terrorist attacks. She let claims brought by the New York State attorney general proceed, but dismissed those that were brought by the CPFB, saying it “lacks authority to bring this enforcement action because its composition violates the Constitution’s separation of powers.” In ruling, Preska sided with three judges who dissented from the six-judge majority in a January ruling by the U.S. Court of Appeals in Washington. The majority found that the agency director’s power is not excessive and that the president should not have freer rein to fire that person. (read more) CFPB Interim Director Mick Mulvaney has already said the CFPB needs to be disassembled. Taking the agency down is perfectly ok with the Trump administration. Link Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
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Member |
Just a question... A buddy of mine recently divorced from his wife. In the settlement, he was to receive a fairly large sum of money for value of their house (which she kept) among other assets and I believe he got a distribution from her 401k. He told me that the money had to be held for like 3-6 months while some organization "verified" the sums. Would this be that agency? "If you’re a leader, you lead the way. Not just on the easy ones; you take the tough ones too…” – MAJ Richard D. Winters (1918-2011), E Company, 2nd Battalion, 506th Parachute Infantry Regiment, 101st Airborne "Woe to those who call evil good, and good evil... Therefore, as tongues of fire lick up straw and as dry grass sinks down in the flames, so their roots will decay and their flowers blow away like dust; for they have rejected the law of the Lord Almighty and spurned the word of the Holy One of Israel." - Isaiah 5:20,24 | |||
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| I believe in the principle of Due Process |
I can’t imagine that it is. This agency doesn’t deal directly with the public, AFAIK, but regulates the financial industry, real estate settlements, escrows in some ways, etc. It sounds bogus to me, but with these guys, who knows? Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
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| Member |
^^^^^^^^^^^^^^^^^^^^^^^^ OK...thanks JALLEN. He mentioned the "agency" that was holding the money and just didn't know if it was this one or not. "If you’re a leader, you lead the way. Not just on the easy ones; you take the tough ones too…” – MAJ Richard D. Winters (1918-2011), E Company, 2nd Battalion, 506th Parachute Infantry Regiment, 101st Airborne "Woe to those who call evil good, and good evil... Therefore, as tongues of fire lick up straw and as dry grass sinks down in the flames, so their roots will decay and their flowers blow away like dust; for they have rejected the law of the Lord Almighty and spurned the word of the Holy One of Israel." - Isaiah 5:20,24 | |||
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| Too old to run, too mean to quit! |
Yeah, tell me about it. We have been fucking around with banks, lying buyers, etc etc etc for weeks now, and after the last MCF which involved getting 6 (count them) different sets of paper notarized the settlement/closing date has been pushed back another 3 weeks. On top of which the buyer lied to her agent about the source of her funding, who then lied to our agent who then lied to us. Turns out the bitch told everyone she was going with a conventional loan. Wrong, she went with VA which added another metric ton of shit to the deal. I told wifey to just cancel the whole fucking thing and list the house again. She would rather fuck around with the current MCF than start from scratch. Elk There has never been an occasion where a people gave up their weapons in the interest of peace that didn't end in their massacre. (Louis L'Amour) "To compel a man to furnish contributions of money for the propagation of opinions which he disbelieves and abhors, is sinful and tyrannical. " -Thomas Jefferson "America is great because she is good. If America ceases to be good, America will cease to be great." Alexis de Tocqueville FBHO!!! The Idaho Elk Hunter | |||
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| Too old to run, too mean to quit! |
So, do I have this correct? The CFPB is UNCONSTITUTIONAL as ruled by this ditz, but she lets it stand, and continue! wtf has affected our so-called justice system? Elk There has never been an occasion where a people gave up their weapons in the interest of peace that didn't end in their massacre. (Louis L'Amour) "To compel a man to furnish contributions of money for the propagation of opinions which he disbelieves and abhors, is sinful and tyrannical. " -Thomas Jefferson "America is great because she is good. If America ceases to be good, America will cease to be great." Alexis de Tocqueville FBHO!!! The Idaho Elk Hunter | |||
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| Now in Florida |
I think you need to reread the story. | |||
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SIGforum.com Main Page The Lounge U.S. Federal District court judge rules CFPB structure unconstitutional, bureau can still operate
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