Ted Cruz Ping! If you want on/off this ping list, please let me know.
Please beware, this is a high-volume ping list!
CRUZ or LOSE!
Posted on 05/18/2015 10:58:39 AM PDT by 2ndDivisionVet
The Texas senator says he is concerned the CFPB will follow the path of the FDIC and DOJ based on its recent lawsuit filed against various debt collectors and payment processors.
U.S. Sen. Ted Cruz (R-Texas) is requesting that the Consumer Financial Protection Bureau publicly announce it will not participate in Operation Choke Point or any similar initiative.
On May 15, Cruz sent a letter including the request to CFPB Director Richard Cordray.
Operation Choke Point is a program in which the Federal Deposit Insurance Corporation and U.S. Department of Justice reportedly apply pressure to financial institutions in order to cut off financial services to certain licensed, legally operating industries, including debt collectors.
In January, the FDIC issued a statement with new policies for its examiners to follow in determining whether to order or recommend a bank to terminate a customer’s account, according to the letter from Cruz.
“Unfortunately, numerous concerns with this program still exist,” Cruz said in the letter. “Because the officials responsible for conducting the initial targeting under Operation Choke Point still oversee the program, there is a real possibility that nothing will actually change. Even under the new policy, there remains a clear incentive for examiners to recommend account terminations for politically disfavored businesses.”
Based on this initiative, Cruz expressed concern that the CFPB may be participating in similar discrimination. “The recent lawsuit you filed against various debt collectors and payment processers concerns us greatly, as the suit targets certain payment processors that even you acknowledge did nothing illegal,” Cruz said in his letter.
ACA International is following the CFPB’s lawsuit, filed in March 2015, which alleges that several related debt collectors engaged in unlawful and abusive debt collection practices in the collection of phantom debt—debt that consumers either do not owe, or that a creditor is legally barred from collecting. Surprisingly, the lawsuit included several of the debt collectors’ service providers, including a software company and payment processors, alleging that they assisted in the unlawful conduct, ACA reported in March.
ACA is also in the midst of a grassroots campaign against Operation Choke Point, and the association’s Board of Directors is unanimously in support of U.S. Rep. Blaine Luetkemeyer’s (R-Mo.) bipartisan Financial Institution Consumer Protection Act to end the operation.
Ted Cruz Ping! But, but, but ...Cruz never actually Does anything...right????
Go Ted go! Restore America's Biblical foundation! Let freedom ring!
cruz is pulling a reverse cloward-piven!
cruz is on fire!!
He sent a letter.
Isn’t this what we ridicule liberals for doing?
What if they ignore Cruz? A more strongly worded letter?
How about introducing legislation to eliminate the CFPB?
I just love the reasoning of Operation Chokepoint: Because SOME businesses in certain industries are crooked, the only solution is to run ALL of them out of business, the consequences on the law-abiding be damned.
EXACTLY the same reasoning as: Because some people with a penis commit rape, the only solution is to cut off all penises, the consequences on the law-abiding be damned.
Seems to me that the truly appropriate counter to Operation Chokepoint is to simply put every bureaucrat involved up against a wall and shoot them - after all, SOME of them did something wrong.
Cruz appropriately sent a letter first. I have no doubt he will do what is necessary to stop the abuse.
He is for ending regulations across the board that interfere with businesses and manufacturing. A lot of that can be done from the Executive branch and that is what he intends to do, end the crippling regulations that Obama has mandated through his agencies. Choke Point is only a small part of that.
I wonder what liberals would say if we cut off all financial institutions that process credit transactions for marijuana or do business with Planned Parenthood?
These rules can be used by our side just as effectively to shut down liberal businesses.
We just don’t think that way.
These people can’t have a trade association? Does your industry have one?
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