Rarely has the federal government allowed business or industry run amok, unregulated to do as they please and have no legal ramifications for wrong doing. This has been a concern with many in the Real Estate industry since the implementation of Dodd-Frank in 2010 and the creation of the Federal Watchdog organization, Consumer Finance Protection Bureau.
The “bureau” created in 2011 as a result of government intervening in US Citizens freedoms, was implemented without consideration of “checks and balances”. Yes, in other words, CFPB has no regulatory measurements, meaning “gestapo”esque methods of pursuing US citizens and and private companies whom CFPB labels as “wrong doers”…eerily sounds like a story uncovered by our post WWII findings of our most horrific enemies.
Gestapo Tactics
After being denied the ability to sue CFPB in 2013, a very small bank, State National Bank of Big Spring, Texas, along with additional organization took their case to the U.S. Court of Appeals for the District of Columbia Circuit where the court ruled in favor of the small bank to sue the federal organization as “unconstitutional”. Funny or odd we’re seeing that word more and more in relation to our current White House ” regime. 😉
Why do we care? The obvious is that if the CFPB is allowed to continue with their unconstitutional methods, what other Federal organization watch dog groups will be “created” next?
So who else is challenging the CFPB? According to Presidential candidate Senator Ted Cruz interaction to abolish the agency:
“Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumer,” Cruz said in a release.
As of October 3, CFPB will be implementing “TRID” TILA-RESPA Integrated Disclosure forms and procedures that will “upset” real estate and it’s processes in ways that will result in days and even weeks of delays for the family that wants to sell or purchase a home according to the National Association of Realtors.
CFPB was “sold” to the Americans as a protection group, however, it’s actions to date clearly violate all aspects of the foundation of United States of America.
Buyer Beware… Your vote counts!
