Congress Grills CFPB Director over New Rules, Bureau Methods

Consumer Financial Protection Bureau Director Richard Cordray was the sole witness at the House Committee on Financial Services Hearing yesterday, a hearing occasioned by the CFPB’s Semi-Annual Report.

cordray testimony 9.29.15

Throughout the long (nearly 4-hour) and often contentious hearing, Committee Members pushed Cordray on his agency’s rulemaking authority, the efficacy of statistical methods behind enforcement, the agency’s lack of transparency and the merit behind newly proposed Bureau rules involving payday lending and auto financing.

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