The Consumer Financial Protection Bureau (CFPB) on Friday released its “humility pledge” for examiners in its Supervision Division, to avoid the overregulation and “thuggery” of the Biden administration-era CFPB.
“The Consumer Financial Protection Bureau said it is requiring supervisory examiners to take a new ‘humility pledge,’ which must be read out loud to examined institutions before conducting exams,” American Banker explained.
The CFPB, under Acting Director Russ Vought, said it will change how it conducts examinations of the banks, lenders, and other financial institutions that it regulates. It noted in a press release that under the reign of Biden CFPB Director Rohit Chopra and Director of Supervision Lorelai Salas, who was a former Soros operative, the Supervision Division was a weaponized arm of the CFPB.
“Where these exams were previously done with unnecessary personnel, outrageous travel expenses, and with the thuggery pervasive in prior leadership, they will now be done respectfully, promptly, professionally, and under budget,” the CFPB stated in its press release.
“No longer will the CFPB Supervision Division ask invasive and irrelevant questions, demanding expansive information they do not need,” it continued.
The Humility Pledge will:
- Avoid duplication of supervision, where states and other regulators already have that job
- Provide greater transparency of the examination
- Not ask for expansive datasets or other information that may seem unrelated to the examination
- Have examiners complete the work promptly and under budget
As Breitbart News reported, the Trump administration’s Office of Management and Budget and CFPB teams have worked to unwind the CFPB’s ability to attack American businesses by engaging in “regulation by enforcement.” Mark Paoletta, chief legal officer for the CFPB, in September told Breitbart News, “The most important thing that we should be doing right now for liberty, the rule of law, consumers, and the business of America is to shut down these cases.”
The CFPB said in a statement in mid-November that it cannot draw funds from the Federal Reserve under Dodd-Frank and that it would have funds until the end of the year.
Freedom Caucus lawmakers cheered the decision in statements to Breitbart News.
“The CFPB’s funding scheme under Dodd-Frank is broken and cannot be patched. The agency simply has no lawful source of money and at this point, it’s time to end this unaccountable agency and return financial oversight to a transparent, constitutional process,” House Freedom Caucus Chairman Andy Harris (R-MD) told Breitbart News.
“Since its creation, the CFPB has morphed into an unaccountable bureaucracy with little transparency, sweeping authority, and a history of prioritizing politics over sound policy,” Rep. Marlin Stutzman (R-IN) said.
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