Post by Origanalist on Jun 21, 2014 15:27:12 GMT -8
Consumer Financial Protection Bureau Grants Itself Authority to Shut Down Any Business at Anytime
Katie Pavlich | Jun 19, 2014
Last week the Consumer Financial Protection Bureau, through the power of Dodd-Frank, passed a rule giving the agency unprecedented power to shut down businesses, no matter what the reason, at any time it wishes through a cease-and-desist order. Further, the rule puts businesses at the mercy of the CFPB and they cannot go back into operation until government approval or a court ruling is made over an issue.
Subsequently because bureaucratic decisions and court rulings take a substantial amount of time to happen, businesses cannot survive during those waiting periods. Here are the details (bolding is mine):
In a notice published in today’s Federal Register, the CFPB has announced that it has adopted its interim final rule on temporary cease-and-desist orders (C&Ds) without change. The final rule takes effect on July 18, 2014.
The CFPB is authorized to issue temporary C&Ds under Section 1053(c) of Dodd-Frank. That provision authorizes a temporary C&D as an adjunct to a cease-and-desist proceeding brought under Section 1053 against a covered person or service provider. A temporary C&D is effective immediately upon service and remains in effect unless modified or terminated administratively by the CFPB or set aside on judicial review.
The new rule comes on the heals of revelations the Department of Justice has been smothering firearms dealerships and other "high risk" entities out of business by "choking" banks and stripping funding through Operation Choke Point.
Consumer groups are pushing back against the rule and issuing a warnings to businesses everywhere about what the rule means for them. The United States Consumer Coalition in particular is sounding the alarm:
continued at...http://townhall.com/tipsheet/katiepavlich/2014/06/19/consumer-financial-protection-bureau-grants-itself-authority-to-shut-down-any-business-n1853590
Katie Pavlich | Jun 19, 2014
Last week the Consumer Financial Protection Bureau, through the power of Dodd-Frank, passed a rule giving the agency unprecedented power to shut down businesses, no matter what the reason, at any time it wishes through a cease-and-desist order. Further, the rule puts businesses at the mercy of the CFPB and they cannot go back into operation until government approval or a court ruling is made over an issue.
Subsequently because bureaucratic decisions and court rulings take a substantial amount of time to happen, businesses cannot survive during those waiting periods. Here are the details (bolding is mine):
In a notice published in today’s Federal Register, the CFPB has announced that it has adopted its interim final rule on temporary cease-and-desist orders (C&Ds) without change. The final rule takes effect on July 18, 2014.
The CFPB is authorized to issue temporary C&Ds under Section 1053(c) of Dodd-Frank. That provision authorizes a temporary C&D as an adjunct to a cease-and-desist proceeding brought under Section 1053 against a covered person or service provider. A temporary C&D is effective immediately upon service and remains in effect unless modified or terminated administratively by the CFPB or set aside on judicial review.
The new rule comes on the heals of revelations the Department of Justice has been smothering firearms dealerships and other "high risk" entities out of business by "choking" banks and stripping funding through Operation Choke Point.
Consumer groups are pushing back against the rule and issuing a warnings to businesses everywhere about what the rule means for them. The United States Consumer Coalition in particular is sounding the alarm:
continued at...http://townhall.com/tipsheet/katiepavlich/2014/06/19/consumer-financial-protection-bureau-grants-itself-authority-to-shut-down-any-business-n1853590