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Posts Tagged ‘Peace Corps’

Report: What’s the Most Partisan Federal Agency?

November 28th, 2016 Comments off
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Credits: CFPB, Wikipedia, Free Icons Download.

The Consumer Financial Protection Bureau (CFPB) has been deep in the crosshairs of various groups, including industry associations, members of Congress and most recently the incoming Donald J. Trump Administration.

With recent findings, the scrutiny continues to gain legs.

According to campaign finance data obtained by the Washington Free Beacon, employees at the CFPB, which was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, contributed nearly $50,000 during the 2016 campaign, with all of that money going to Hillary Clinton or Senator Bernie Sanders (I., VT).

Agency employees made more than 300 donations during the campaign. Not one went to a Republican candidate.

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Sean Duffy. Credit: InsideGov.

CFPB employees fell over each other to give money to Hillary because she supported CFPB’s desire to remain in the shadows and unaccountable to the American people,” Representative Sean Duffy (R., Wis.), a frequent critic of the agency.

No one is shocked that Washington bureaucrats would donate to the candidate who promised to maintain and expand onerous Dodd-Frank regulations that crush our community banks and local credit unions.

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Elizabeth Warren. Credit: AP.

Republicans have tried to reduce the scope of the bureau’s broad regulatory power since Senator Elizabeth Warren (D., Mass.), oversaw its creation.

In addition to the CFPB, the Peace Corps and the National Transportation Safety Board (NTSB) also saw all political contributions go to the Democratic Party or allied groups, though one of those agencies’ donations came from just one employee.

Peace Corps is a nonpolitical federal agency,” said a Peace Corps spokesperson. “Like all federal employees, Peace Corps employees must adhere to restrictions on political engagement established by the Hatch Act, which does not prohibit political contributions made on personal time.

The agency does not track the private contributions of its employees or Presidentially appointed-Senate confirmed board members,” said a spokesperson for the NTSB. “The NTSB follows the provisions of the Hatch Act which is enforced by the U.S. Office of the Special Counsel.

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As Daily Business News readers are aware, we have followed the recent developments around the CFPB closely, including testimony from former Wells Fargo CEO John Stumpf in a hearing on Capitol Hill and a Washington D.C. Circuit Court ruling that the agency was unconstitutional. 

MHProNews has underscored the revisionist history some are seeking to apply to the causes of the 2008 financial meltdown, that lead to the passage of Dodd-Frank; spotlighted in the video below.

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Credit: Bloomberg.

The impacts from the Dodd-Frank act and the CFPB are wide ranging for the manufactured housing industry, including the question of whether or not Dodd-Frank has created a renter’s nation and the call for media to revisit Dodd-Frank reporting in light of congressional testimony from CFPB Director Richard Cordray. ##

 

 

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

House Committee Pressing CFPB for Advertising Documentation

July 2nd, 2016 Comments off

House of Rep sealMHProNews stated in a post June 14, 2016, the Consumer Financial Protection Bureau (CFPB) has spent nearly double in advertising this year than for all of 2015, spending 2.5 percent of its budget on ads to reach consumers.

As MHProNews noted then, “during the past three years, only the National Highway Traffic Safety Administration, the Food and Drug Administration and the Peace Corps have spent more than two percent of their budget on advertising. Most departments and agencies spend well-below one percent.”

Now, the House of Representatives’ Committee on Oversight and Government Reform is asking for detailed documents on advertising expenses that so far this fiscal year have totaled $15.3 million.

In a letter to the CFPB’s Director Richard Cordray, the committee is requesting a listing of every contract the agency has whether for advertising or something else, who the contract is with, how much and what is the purpose of each one.

The committee has also requested “All documentation and communications detailing the amount the CFPB has used on advertising to promote rules both proposed and finalized in FY 2014, FY 2015, and thus far in FY 2016,” according to acainternational.

The committee has asked for the documents no later than July 8, 2016. ##

(Image credit: House of Representatives–us.gov.hr)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver and posted to Daily Business News-MHProNews.

Just as CFPB’s Authority is Challenged, it Binges on Big Ad Dollars,

June 14th, 2016 Comments off

consumer_financial_protection_hq_in_D._C.__their_creditCoinciding with Republicans and business groups hollering for the head of the Consumer Financial Protection Bureau (CFPB) to be a five-person commission instead of a single director, make the agency’s funding in some way subject to congressional oversight, with lawsuits challenging its very authority, the CFPB is pitching a substantial advertising campaign to promote its mission to the public.

So far in fiscal 2016 it has spent spent $15.3 million on internet advertising, nearly twice as much as it did in advertising for all of 2015. The ads are designed to help consumers do comparative shopping for financial products like mortgages, student loans and retirement plans.

The five-year-old agency spends a greater percentage of its budget on advertising than almost any other government agency. It has devoted 2.5% of its budget this year to ads, the second-highest level among all federal departments and comparable regulatory agencies for 2016 to date, according to what The Wall Street Journal tells MHProNews based on its review.

During the past three years, only the National Highway Traffic Safety Administration, the Food and Drug Administration and the Peace Corps have spent more than two percent of their budget on advertising. Most departments and agencies spend well-below one percent.

Although the advertising firm that got the contract, GMMB, Inc., had to win it through competitive bidding, it is the same firm used by the presidential campaigns of Barack Obama and Hillary Clinton.

The CFPB is a new agency with a mission and mandate that requires direct engagement with American consumers,” spokeswoman Moira Vahey said in an email. “We are using all available channels to engage the people we serve.”

Currently, the CFPB director can only be removed by the president for cause. ##

(Photo credit: Consumer Financial Protection Bureau’s headquarters)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.