House Financial Services Committee Leaders Request CFPB Settlement Documents

Committee Chairwoman Maxine Waters and Al Green, chairman of Oversight and Investigations Subcommittee, seek details on consumer redress lacking as part of recent settlements.

2/12/2019 11:30 AM

AdvocacyGovernmentNewsCFPB
House Financial Services Committee Leaders Request CFPB Settlement Documents

U.S. Rep. Maxine Waters, D-Calif., House Financial Services Committee chairwoman, and U.S. Rep. Al Green, D-Texas, chairman of the Subcommittee on Oversight and Investigations, are requesting documents on recent settlements between the Consumer Financial Protection Bureau and companies as part of the committee’s oversight of the CFPB.

The lawmakers wrote to Consumer Financial Protection Bureau Director Kathy Kraninger to request documents relating to recent settlements that do not require companies that have violated the law to provide redress to consumers who have been harmed, according to a Feb. 7 news release.

“The Consumer Financial Protection Bureau (“Consumer Bureau”) has recently announced several settlements against entities for engaging in unlawful practices without requiring the payment of redress to consumers harmed by the illegal conduct,” the lawmakers wrote. “This stands in stark contrast to the Consumer Bureau’s practice under the leadership of former Director Cordray. During Director Cordray’s tenure, the Consumer Bureau recovered nearly $12 billion in relief for harmed consumers over its first six years. American consumers deserve a Consumer Bureau that will fight to recover their hard-earned money when they are cheated.”

In the letter, the lawmakers requested documents regarding recent Consumer Bureau settlements with Sterling Jewelers Inc., Enova International, Inc. and NDG Financial Corp. et. al., by March 5, 2019.

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