Consider the equations for the CBC encryption and decryption, where $P_i$ and $C_i$ are the blocks of a plaintext/ciphertext pair $P_1P_2\ldots$ and $C_1C_2\ldots$:
$$
\begin{align}
C_1 &= E_k(IV \oplus P_1) \\
C_2 &= E_k(C_1 \oplus P_2) \\
& \vdots \\
P_1 &= IV \oplus D_k(C_1) \\
P_2 &= C_1 \oplus D_k(C_2) \\
& \vdots
\end{align}
$$
And add your additional condition, which derives $IV$ from xoring the key with a constant $ivpad$ (known to the attacker):
$$
\begin{align}
IV &= k \oplus ivpad
\end{align}
$$
Substituting for $IV$, we get:
$$
\begin{align}
C_1 &= E_k(k \oplus ivpad \oplus P_1) \\
C_2 &= E_k(C_1 \oplus P_2) \\
& \vdots \\
P_1 &= k \oplus ivpad \oplus D_k(C_1) \\
P_2 &= C_1 \oplus D_k(C_2) \\
& \vdots
\end{align}
$$
Now the equation for $P_1$, solve for $k$:
$$
\begin{align}
k &= P_1 \oplus ivpad \oplus D_k(C_1) \\
\end{align}
$$
This yields the outline for a possible key-recovery attack. The attacker has to:
- Query for the encryption $C_1C_2\ldots$ of some plaintext $P_1P_2\ldots$;
- Query for the the raw block cipher decryption $D_k(C_1)$;
- Solve the last equation to recover $k$.
And that is a clear weakness of this CBC variant; if the attacker has an encryption oracle for the CBC variant and a decryption oracle for the raw block cipher, they can recover the key trivially. Correct CBC with fresh random IVs is not vulnerable to this. Or even if the IV is reused as long as the IV is unrelated to the key.