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Cutting Economic Waste – C.F.P.B $1 Billion Dollars since 2019

lehmandata.com | March 27, 2020

 

"Cutting Economic Waste in the USA – the C.F.P.B.’s Pathetic Record of Enforcement Actions & Colossal Economic Waste of nearly $1 Billion since 2019."

 

Ted Cruz Twitter

 

FUNDING FOR THE C.F.P.B SINCE 2019

The following is a representation of C.F.P.B Actual Funding from the US Federal Reserve, with sourced material in the public domain with citations therein.

  • 1st Quarter 2020- $233,300,000.00 [Source]
  • 2nd Quarter 2020- 97,800,000.99 [Source]
  • 1st Quarter 2019- $173,000,000.00 [Source]
  • 2nd quarter 2019- $122,800,000.00 [Source]
  • 3rd Quarter 2019 - $120,500,000.00 [Source]
  • 4th Quarter 2019 - $54,000,000.00 [Source]

 

TOTAL SPENT BY THE C.F.P.B SINCE JANUARY 2019 is $800,000,000.00

CFPB Total Spent

 

ENFORCEMENT ACTIONS BY THE CFPB

See this resource for a listing all C.F.P.B Enforcement Actions Filed in its Existence

 

2020 C.F.P.B ENFORCEMENT ACTIONS

Thus far, according to the above referenced press releases from 2020 the C.F.P.B has already taken more than $331,000,000.99 from the Federal Reserve with no congressional oversight for their expenses in 2020 despite having executed or completed NO enforcement actions, no settlements and no gain at all for consumers or for the entire 2020 Year thus far for the C.F.P.B. ZILCH - NONE. Despite the SEC Collecting more than $1 Billion. [Source]

SO THE NET LOSS FOR THE CFPB IN 2020 IS NOW $331,000,000.00 MM

CFPB Net Loss

 

2019 CFPB ENFORCEMENT ACTIONS

In 2019, the C.F.P.B spent more than $470,300,000.00 in cash from the Federal Reserve with no congressional oversight. In 2019 the C.F.P.B received 11 judgments with different small businesses some of which settled for $1 (Edmiston Marketing), but the rest were $54,000.00 to consumers (USA Service Finance in 11/25/19), $6,000,000.00 million to consumers in (Sterling Info systems, Inc on 11/25/19), $5,000.00 in restitution to the consumer in the (C.F.L.A Matter with Carrigan on 09/04/19), (Asset Recovery Associates, Inc) paid in $36,899.00 in restitution to consumers, (Voyager Financial Group) paid in $2,700,000.00 in restitution on 08/14/19, (CUSO Student Loan Services) consented to a judgment in 06/14/19 for $0, (ServiceOne inc.) settled at $36,500.00 in restitution to the consumer on 05/29/19, and (Mark Corbet) settled for $0 in 01/23/19, (USAA Federal Savings Bank) paid $12,000,000.00 in 01/03/19 (this was the only settlement with any bank in the last 16 months).

SO THE NET LOSS FOR THE C.F.P.B IN 2019 WAS $444,000,000.00 MM

CFPB Seal

According to recent article in mid 2018 the C.F.P.B was down to 1,647 employees. (according to recent google search it is now as low as 1,500) [Source]

 

BELOW ARE THE PAY SCALES FOR C.F.P.B EMPLOYEES (1,500 employees)

2016-2019 CFPB base pay table Pay grade GS equivalent

  • 10 - GS-1 & 2 $23,249 $29,314 $35,378
  • 21 - GS-3 $28,140 $33,046 $37,951
  • 22 - GS-4 $30,876 $38,181 $45,486
  • 31 - GS-5 $38,627 $43,114 $47,600
  • 32 - GS-6 $38,686 $46,405 $54,124
  • 33 - GS-7 $43,464 $54,583 $65,702
  • 41 - GS-8 $49,162 $59,270 $69,377
  • 42 - GS-9 $54,859 $71,032 $87,204
  • 43 - GS-10 $63,037 $78,796 $94,555
  • 30 - GS-5 to 7 $38,627 $52,165 $65,702
  • 40 - GS-8 to 10 $49,162 $71,859 $94,555
  • 51 - GS-11 $66,871 $81,917 $96,962
  • 52 - GS-12 $78,107 $95,681 $113,255
  • 53 - GS-13 $90,053 $113,501 $136,949
  • 60 - GS-14 $94,647 $133,609 $172,570
  • 71 - GS-15 $111,209 $158,974 $206,738
  • 81 – SES $147,024 $181,483 $215,942
  • 82 - SES $169,997 $198,713 $227,428
  • 90 - SES $181,416 $220,458 $259,500

[Source]

 

SUMMARY OF 2019 -2020 C.F.P.B IN RAPID DECLINE LOSING MONEY FAST

The C.F.P.B wasted more than $800,000,000.00 collecting restitution for clients in the gross sum of $20,000,000.00 and they likely won’t even collect a fraction of that $20MM??? The best case scenario for the C.F.P.B in the last 18 months or so is that for every $800 spent they return $20. There are far better industries out there that can flip a profit, or avoid a colossal loss such as this.

So facts be what they may American Taxpayers paid approximately $800,000,000.00 to fund 1,500 (mostly lawyers) to go after major banks, but the C.F.P.B has succeeded at doing nothing since 2019 against any major banks (ONLY ONE BANK SEE GRAPH ABOVE). In fact more than 30% of its settlements in the enforcement actions were for $5,000.00 or less. Is that the best use of our Harvard graduated Attorneys making $150K per year, with 4 Attorneys signed on to each case chasing after small businesses and bankrupting them into submission. Is this really what the C.F.P.B was created for?

I firmly agree that the C.F.P.B did a good job going after banks after the banking recession in 2007 (US) caused by the securitization of mortgages and greedy underwriters who misrepresented to investors material risks associated with these effectively “junk bonds,” fining JP Morgan $10 Billion, and Goldman Sachs, and Lehman Brothers, and Wells Fargo, etc, etc, etc. (This was from 2009 -2012) But where has all the regulations on big banks gone? The C.F.P.B states in its own mission that it is to go after banks with $10B+ in holdings, so why would it come after C.F.L.A, or some of these other small businesses doing nothing wrong.

CFPB Enforcement Actions

This graph shows the curb to 2019. 2019 Discussed in above article. This graph for 2019-2020 goes down even further.

 

CAN C.F.P.B MAKE BILLION DOLLARS BACK??

If my boss paid me $800,000,000.00 million dollars and I brought back $20,000,000.00 and it was mostly with the help from other agencies of the federal government and state attorney generals offices I would be fired. That’s like giving the average man $800 worth of help for the day, having a bunch of friends come and help too, and then bring the boss back $20 income. Where did all the money go the boss would ask?? Well boss, we spent the countries best labor running around and we didn’t have much to do so we caught some pigeons and sold them so we could have gas money for tomorrow. This is the current state of the C.F.P.B.

With all the Constitutional Problems with the C.F.P.B, as are under review by the United States Supreme Court in the Seila Law Case - why even fight for the C.F.P.B, their work is obsolete and their workers are just zombies in the current state of this country. We need money for small businesses, not a C.F.P.B to chase after them. Budget cuts need to be made and the $800,000,000.00 C.F.P.B should be the first agency to go.

We just printed $2,000,000,000.00 trillion in cash to save the American people. I gave heard from other market experts that the USA Government will likely print another $5 Trillion dollars.. Yes $5 Trillion Dollars. This while owing the Chinese more than $10 Trillion Dollars and being in default on Bonds to the Chinese already for $2 Trillion Dollars. If America is to get back on track in this economy several of these obsolete administrative agencies need to be cut and the States and other federal agencies can resume the same roles that had before Dodd Frank and would gladly accept the responsibility. With too much government these too many problems and there is too much economic waste. It’s time to start a movement to have the C.F.P.B closed down along with other federal agencies that are sucking the blood out of the American economy.

Why is the C.F.P.B even in the Housing market? They are supposed to regulate Banks not foreclosures or mortgage assistance relief services. This is like a bull in a china shop. This is like bringing the swat team to a fist fight. Really is that billion dollars of tax payer money spent in the hands of 1,500 lawyers whose job is to kill the small business owner? NO. The days of the C.F.P.B are over and dead. Not only should the Supreme Court rule against them in pending litigation but the agency itself should be abandoned by the current administration.

See Question Presented to the United states Supreme Court in the Matter regarding C.F.L.A and Andrew Lehman's Constitutional Rights, entitled SEILA LAW v. C.F.P.B on writ of Certiorari

 

SO WHO CAN REPLACE THE C.F.P.B DUTIES??

FTC

 

FEDERAL TRADE COMMISSION OR STATE AG?

State Attorney General Offices are also poised to perform and replace the work of the C.F.P.B, and with the Federal Trade Commission in place, the 19 regulations that were once governed by the C.F.P.B under the soon to be defunct Dodd Frank Act; replacement oversight in these areas can all be covered in each specific area of regulation. Likely, it will be the States Attorney Generals who could and should be performing these duties instead of this wasteful agency.

Letitia James

WOW! Did anyone notice the New York Attorney General is Super Hott too!! No Disrespect Letitia James. You are an excellent AG. Ms. James is a very Competent & Assertive Young wave of the future....!!! Same with the State of California and other Major States that have the Brightest Young minds as the States Attorney Generals.

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Dept of Justice

Andrew Lehman, J.D. contributed to this article. Please share on Facebook, and other social media. certifiedforensicloanauditors.com

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"C.F.L.A was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, C.F.L.A has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea–it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, and now Sheffield, United Kingdom, you can contact Our National Account Specialist at 888-758-CFLA (2352) or +44 114 360 3902; to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Internationally Acclaimed "Mortgage Securitization Analyst Training Certification" Classes (2 days) 16 hours for and AMBASSADOR Mortgage Securitization Auditor Training Certification Class (40 hours) (Now Available Online)".

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Author does note the following C.F.P.B Joint Enforcement action with Several States

**** Not included in the above data calculations was One of these C.F.P.B 2019 settlements which was large was actually brought in conjunction with the Federal Trade Commission leading the way, along with 48 states Attorney Generals, Puerto Rico, and the US Virgin Islands against EQUIFAX netted a $147,000,000.00 settlement for consumers and a fine to be allocated to the 50+ plaintiffs of $450,000,000.00 in the form of penalties.

 

 

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Back to March 2020 Archive

"CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea–it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-CFLA (2352) for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online)".

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