Consumer Financial Protection Bureau Grants Itself Authority to Shut Down Any Business at Anytime

Town Hall ^ | 6-19-14 | Katie Pavlich

[aMorePerfectUnion]

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):

[aMorePerfectUnion]

"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. "

More at source link.

I am posting this in case anyone is still holding to the belief that fascism has not arrived and planted itself firmly in control.

I will never start another US-based business. The risks are higher every day: government by fiat, over-regulation, IRS seizure, Homeland Security take downs, feral attorneys inventing new areas of liability, NSA violations of the Constitution.

Please note that this self-given power to shut down any business, at any time, for any reason subverts the meaning of due process.

[E. Pluribus Unum]

The crony-fascists of the big-government/big-corporate criminal complex don't like competition from small businesses. They want to drive them out of business. They don't care if the pie gets smaller. They just want the whole pie.

[aMorePerfectUnion]

Now, in addition to more laws than a human can be knowledgeable to follow, the government adds this to their methods of fascism...

“You either sign a consent decree admitting you did this act, or the Consumer Board will shut down your business by 5pm.”

Due process gone.

[88keys]

I thought CFPB was not even a Congressionally sanctioned and approved agency??!! Maybe I misremember, but it seems to me it's a totally executive-branch-created entity, with no actual authority to enforce anything...

[E. Pluribus Unum]

The real problem is that feral government bureaucrats have immunity from civil liability.

That needs to change.

[Jacquerie]

I am posting this in case anyone is still holding to the belief that fascism has not arrived and planted itself firmly in control.

So true. The screws tighten every day. Elections increasingly serve to condone tyranny.

The American electoral process has become something of a courtesy extended to the gullible, for only the gullible believe elections alone can restore freedom.

[G Larry]

Let’s see how long these fascists can remain nameless and faceless....

[JOAT]

The American electoral process has become something of a courtesy extended to the gullible, for only the gullible believe elections alone can restore freedom.

History has repeatedly shown that no one gives up power voluntarily.

It's well past time to pry their unelected fingers from the levers of power and throw them very publically in prison.

Of course this goes for the elected ones who have forsaken their oath to the Constitution as well...

[SES1066]

I thought CFPB was not even a Congressionally sanctioned and approved agency??!!

Additionally, it is not even funded by Congressional Allocations so the legislature does not even have the "power of the purse!" My opinion is that it is completely un-Constitutional, but that Constitutional Law Professor living on Pennsylvania Ave. disagrees.

[yefragetuwrabrumuy]

Hopefully some business or Judicial Watch will immediately apply for a permanent injunction against this tyranny as “unconscionable”.

[joshua c]

Guilty until proven innocent. Hey, just like the IRS.

Welcome to Amerika!

[Organic Panic]

All the people on FR who bring up “bring back American jobs now” need to read this ruling over and over.