House Committee Chief Shuts CFPB Director Out, Controversy Continues

Months after an appeals court ruling called into question the validity of Consumer Financial Protection Bureau leader Richard Cordray’s director title, House Republicans are continuing to discredit his authority.

House Financial Services Committee Jeb Hensarling said this week he would refuse to allow Cordray to testify in a scheduled hearing before the committee. Under law, the CFPB chief must report to Congress twice each year on the progress and action of the bureau.

Hensarling restated his intention to block Cordray in a letter released Monday, claiming the unconstitutionality of Cordray’s appointment, which took place during what was said to be a congressional recess.

Advertisement

In response, Ranking Member Maxine Waters of the House Financial Services Committee today sent a letter to Chairman Hensarling contesting the claim against Cordray’s appointment.

Waters says she is “prepared to use the rules of the Committee to provide the Director the opportunity to give testimony before the Committee.”

In her letter, Ranking Member Waters further states that if Chairman Hensarling refuses to allow Director Cordray to testify she is “prepared to use the rules of the Committee to provide the Director the opportunity to give testimony before the Committee.”

Written by Elizabeth Ecker

Join the Conversation (2)

see all

This is a professional community. Please use discretion when posting a comment.

  • Clearly to be consistent Congress must not appear not to recognize Cordray as CFPB Director if it is to say that his appointment was unconstitutional. Put that man’s appointment where it belongs — in the pit. However, that does not mean he should not oversee the bureau until such time as the air is cleared. I am not against the man or his running the bureau. What I object to is the belligerent abuse of power expressed by the President in making the appointment. I like Cordray but what I hate is the abuse of power used to get him into his post.

  • President Obama and the chief of consmer finance bureau Mr. Richard Cordray need to know about the staff at CFPB and that they are not abiding by the law. CFPB have had my documents for over 7 months now. They have been giving story after story and lie after lie when we call. They have yet to resolve this problem for us. We talk to one staff member Mr. Wade 2 and a half months ago, he told me my paperwork has just been sitting there and hss not yet to be moved and he doesnt know why. He emailed one of the supervisors, supervisor told him the team specialist coud not find the mortgage company or the bank, had no address or phone number. That is incorrect it’s on all the documents. I am a veteran and I can not get help and the CFPB is not abiding by the law to help me resolve this problem. It’s not monetary, its the principl, we just want just. CFPB has been trying to keep from exposing them. I am speculating that somene has deep pockets and have not been brought to justice yet. Some of CFPB staff member needs to be invistigated and some of the supervisors too. Black and white do not lie. I have all the documents. I need someone to get back to me soon as possible. This is mortgage fraud. American Southwest Mortgage Corp. and 1st American Title company bait and switch 161,630 to 173,880, They signed our name on a new contract we did not give them permission. This has beedn going on since 5/4/2007. We never had a coupon book, we dont get monthly statement and we dont get credit off the house. We been struggling to pay our mortgage Thank God. This thing need to come to justice. We are hopingto hear from someone very very soon about this matter. So President Obama is you are your assistant or Mr. Cordray get this please give me a call back at 214/991/4759. Thank you very much God Bless email again hodge_lonnie@yahoo.com

string(120) "https://reversemortgagedaily.com/2013/04/23/house-committee-chief-shuts-cfpb-director-cordray-out-controversy-continues/"

Share your opinion