COSTA MESA, Calif., Dec. 11, 2014 (GLOBE NEWSWIRE) -- Calling it an "eye-opening Story," Morgan Drexen, a leading provider of software and support services to businesses nationwide, (http://www.morgandrexen.com) today applauded a Washington Times article written by former Oklahoma Congressman Ernest Istook, exposing the Consumer Financial Protection Bureau (CFPB), as a government agency with unregulated, runaway powers.
The article entitled "An Agency Formed to 'Protect' Consumers Grows Like a Weed" (which can be viewed in its entirety here: (http://morgandrexenvscfpb.com/agency-formed-protect/) exposes the CFPB as an agency which, as Istook points out, "Dodd-Frank drafted explicitly to block all the potential ways to control CFPB's growth."
The story, which appeared on the Washington Times' website late yesterday afternoon points out that the CFPB was created with the task of regulating banks and others that take deposits and make loans, but has empowered itself, without any congressional approval, to mandate and control, among other things, "anyone making car loans, debt collectors, consumer reporting agencies, money transfers, and cash cards."
"Mr. Istook's story also points out facts that are truly amazing, and facts that I don't think average Americans even know about," said Morgan Drexen CEO, Walter Ledda. "For example, do Americans know that the CFPB can regulate virtually anything it decides to label a 'larger participant' in matters connected to consumer finances? Or that the CFPB doesn't have its budget or spending monitored or regulated by Congress? Or that the CFPB is assembling a massive data base of personal information on millions of Americans such as race/ethnicity, gender, religion, social security numbers, bank account balances, credit card spending, medical records, and even personal information about our families? And all of this is without permission, regulation or oversight by the people we elected to represent us."
In addition to exposing the unbridled growth of the CFPB, which is expected to spend more than $580 million taxpayer dollars in 2015, the Washington Times story also mentions that the agency which was created to "help" consumers may actually be hurting Americans by making it more difficult to access tighter credit.
"Our company is also concerned that the CFPB is making it more difficult for disadvantaged Americans to access affordable legal care as well," added Ledda. "Our concern for the preservation of affordable legal services is so great that just two weeks ago we posted an open letter to attorneys nationwide (http://Morgandrexen.com/open-letter) to work together in fighting for affordable legal care in America."
About Morgan Drexen
Morgan Drexen (www.morgandrexensupport.com) provides integrated software systems and administrative support services to businesses and attorneys nationwide. Morgan Drexen's proprietary MDIS software improves workflow through the use of automated document management. In addition to computer technology, Morgan Drexen provides businesses with marketing, marketing support, call centers, outsourced litigation support, databases, work-product retrieval systems and cloud-computing platforms facilitated by the company's outsourced support staff.