The CFBP Badly Needs Oversight Said Whistleblower

[Corey Dutton]

The Consumer Financial Protection Bureau (CFPB), the nemesis of the mortgage industry, is finally under fire. The biggest complaint about the bureau since its inception has been that it has had zero oversight, and absolutely no checks and balances. Essentially the CFPB has had a license to do whatever the heck it wants since it’s creation under Dodd Frank, and many people have called the bureau’s director a straight up “mobster.”

According to a recent article published on MPAMag.com, an ex CFPB insider told authorities, “Based on my observations at the Bureau, I have concluded that the Bureau is sorely in need of effective oversight, and that Bureau management needs to be held accountable, particularly with regards to its internal management practices.” Further the article states, “Angela Martin, an ex enforcement attorney for the CFPB filed complaints against the agency for discrimination and retaliation last year after a fellow employee discriminated against her and her supervisor retaliated against her for reporting it.”

Further, the hated director of the CFPB, Richard Cordray, called the whistleblower at home and told her to “back down” off of her allegations and promised to have her transferred to another department if she called off her attorneys. Hopefully this event will spark a movement for a new, 3rd party oversight of the CFPB, which has been badly needed since its creation under Dodd Frank. Read the entire article on MPAMag.com here and please leave your comments on this topic below: http://www.mpamag.com/mortgage/cfpb-whistleblower-says-cordray-told-her-to-back-down-17767.aspx

Here’s one comment from a reader on MPAMag.com on this article: “Wait, so you're telling me that Congress created a cabinet level department, gave it virtual untouchable autonomy with no entity to report to, and they have a problem with attitudes, ethics, nepotism, and favoritism? No WAY. That CAN'T BE possible.” What is your opinion on this topic?

Posted by Corey Curwick Dutton