We write often on the power of words and see one example today from the Consumer Financial Protection Board’s lawsuit, hinging on describing itself as “independent.”
Departing Director Cordray is trying to perpetuate his ideology by naming his own successor rather than deferring to the president because he’s “independent” of – well, of any kind of accountability.
Remember this is the agency which charged auto lenders were discriminating based on race. How did they know? They guessed the race of applicants for loans using last name and zip code. The statistical research and legal flaws in that approach didn’t stop the agency from levying large fines. One firm had to pay $98 million. But because the Bureau can’t really tell if anyone was discriminated against, no consumer ever got compensation.
The CFPB isn’t “independent.” It’s out of control. What it needs to be is accountable. Budget Director Mick Mulvaney’s appointment is a welcome step in that direction.
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