WALLACE: What’s your problem with an agency that would protect consumers from mortgage lenders, from debt collectors and student lenders? MCCONNELL: Yes, here’s the problem: this new agency answers to no one, absolutely no one — another unelected czar. We’ve got a bunch of those in the White House. We don’t need any more of them. And the only way we can incentivize the administration to change this agency which isn’t subject to oversight by Congress, doesn’t get its money from Congress, answers to literally to no one — it’s one individual who could bring down the banking system in this country if he chose to, has unlimited power. No one has that kind of power.I doubt Wallace corrected McConnell -- such is the state of our lazy MSM; Talking Points Memo did. The CFBP was created by congress, which stipulated that it have a director. TPM goes on to say
...[I]t’s simply a lie to say that the CFPB director has unlimited power and is subject to no oversight. As we explained last week, the CFPB, unlike any of the other federal financial system regulators, can have it’s rules struck down by a vote of the Financial Stability Oversight Council (FSOC), a panel composed of the heads of the bank regulatory agencies, the Treasury Secretary, and the Federal Reserve Chairman. No other financial regulator is subject to this sort of check. Theoretically, the FSOC could veto each and every rule that the CFPB makes.