CFPB Joins Justice In Shaking Down Banks For Democrat Activist Groups

6/17/2015 Source: Investors Business Daily

"Extortion: The Consumer Financial Protection Bureau is diverting potentially millions of dollars in settlement payments for alleged victims of lending bias to a slush fund for poverty groups tied to the Democratic Party.

We've seen this before at the Justice Department, which Congress earlier this year scolded for "shortchanging" alleged victims of Bank of America and Citibank the same way. Justice funneled at least $150 million into a slush fund for Democratic interests, unconstitutionally avoiding Congress.

Now, a little-noticed item on the CFPB's website reveals the powerful new agency is launching its own scheme to provide backdoor funding for nonprofit urban groups politically aligned with Democrats.

The CFPB plans to create a so-called Civil Penalty Fund from its own shakedown operations targeting financial institutions. Through ramped-up (and trumped-up) anti-discrimination lawsuits and investigations, the agency will bankroll some 60 liberal nonprofits, many of whom are radical Acorn-style pressure groups. It says these organizations will provide "financial coaching" for low-income homebuyers, as well as "housing and social services."

https://www.investors.com/politics/editorials/cfpb-diverts-civil-penalty-funds-to-democrat-activist-groups/