Stuart Varney: 'Out of control' CFPB illustrates gross abuse of power

By Opinion FOXBusiness

Varney: Here's an example of gross abuse of power

FBN's Stuart Varney sounds off on the CFPB and Sen. Elizabeth Warren.

Here's an example of the gross abuse of power, by the out-of-control Consumer Financial Protection Bureau, which, by the way, is the creation of Sen. Elizabeth Warren.

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The bureau was suspicious of car dealerships—they thought they might be guilty of racist lending practices. They are not allowed to regulate car dealers, so they went after the banks that finance them. Sen. Warren hates banks.

They cooked up some extremely dodgy numbers to show that people with black-sounding last names paid a higher interest on car loans than people with white-sounding names. They fined the banks and distributed some of the money to activist groups. Reminds you of the notorious ACORN group, doesn't it? The banks could not appeal and neither can we—the CFPB is untouchable.

The bureau is Sen. Warren's radical government within the government. Fortunately a judge has just ruled that her protégés no longer run it. The administration's Mick Mulvaney does.

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Just think about this: Someone who is way out there on the left, an arch anti-capitalist, creates an un-accountable agency that regulates capitalism—that’s Sen. Elizabeth Warren.

Let’s go back to the car dealers, and searching for black or white-sounding last names. Can you imagine? It’s come to this? Of course, you are a racist if you object!

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And let’s go back to Sen. Warren: It was she who played the race card, falsely claiming to be a Native American, to land a job as a Harvard professor.

We should all be very thankful that a federal judge has stepped in to end Sen. Warren's state-within-the- state.

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