Senator Rounds’ Statement on resignation of CFPB Chair

Pat Powers

From Twitter:

2 thoughts on “Senator Rounds’ Statement on resignation of CFPB Chair”

  1. Thank you Senator Rounds for freeing our banks from government oversight. Banks are a business and no government agency should control them.

  2. CFPB can’t die soon enough. Even worse, Obama agreed to bring US rules for bank account disclosure up to “European Standards” two years ago with final Bank Secrecy Act revised implementation rules effective in March 2018. The regulators have, as usual, taken the most extremist position possible and are currently on the largest information fishing expedition in US history. Right now, the Feds are requiring tens of millions of small businesses to disclose ownership info, tax ID’s affiliate info, etc. as never before.

    It’s all done in the name of fighting terrorist financing under the Bank Secrecy Act, but, reality is vastly different: it’s giving the IRS carte blanche access to vast amounts of our private information that has never been required to be disclosed before.

    Imagine you’re a board member for you local United Way. The new BSA rules requires the United Way to give them your name, address, social security number, employer, date of birth, etc. etc. etc. If you own a small business, you have to disclose the source of wealth you used to start the business, even if it was started by your great grandmother 80 years ago. If you don’t the Feds are mandating the bank close your account!

    Senator Rounds’ banking committee has to look in to this IRS info grab and stop it ASAP.

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