CFPB Director Richard Cordray Meets with House Democrats at Caucus Meeting


5/17/2017 8:54:00 PM

Cordray challenges Republican efforts to roll back financial regulations.

News

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray attended the House Democrats’ weekly caucus meeting Wednesday at the request of U.S. Rep. Maxine Waters, D-Calif., the ranking member of the House Financial Services Committee.

“The important work of the Consumer Financial Protection Bureau protects the hardest-working Americans and our economy,” said House Democratic Caucus Chairman Joe Crowley, D-N.Y., according to Politico. “I look forward to hearing from Director Cordray on what more can be done to ensure we have a financial sector that benefits all Americans.”

House Financial Services Committee Chairman Jeb Hensarling, R-Texas, issued the following statement in referenece to Cordray’s appearance at the meeting:

“Everyone knows Mr. Cordray will likely leave the CFPB soon and pursue political office in Ohio again, but his attendance at what amounts to nothing more than a Democrat pep rally shows just how partisan and politicized he and his supposed ‘independent’ agency truly are,” Hensarling said. “The Financial CHOICE Act holds financial regulators and the CFPB accountable so it can be the consumer protection ‘cop on the beat’ that Americans need.”

Politico also reported today that the Democratic Caucus meeting included discussion on the Financial CHOICE Act as it heads to the full U.S. House of Representatives for a floor vote.

This month, the House Financial Services Committee passed the Financial CHOICE Act 34-26 with significant reforms to the CFPB’s structure and regulatory relief for small financial institutions, ACA International previously reported. ACA supports H.R. 10, the Financial CHOICE ACT, which would reestablish the CFPB as an independent, executive branch agency outside the Federal Reserve led by a sole director appointed by the President who could be removed at will.

Under the new version of the bill, the CFPB supervisory authority would be eliminated entirely as the CFPB would become an enforcement agency only. The consumer complaint database would no longer be published.

It would change the name of the CFPB to the “Consumer Law Enforcement Agency (CLEA),” and task it with the dual mission of consumer protection and competitive markets, with a cost-benefit analysis of rules performed by an Office of Economic Analysis. It would also require congressional oversight and funding through the appropriations process.

After the caucus meeting, Politico reported that Waters said “she expected Democrats to ‘put up a good fight’ over the CHOICE Act.”

Cordray’s future as leader of the CFPB was not discussed during the caucus meeting. His term with the CFPB ends in July 2018 and he is considered a possible candidate for governor in Ohio, where he previously worked as the state’s attorney general from 2009 to 2011. 

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