This week HousingWire is reporting that there is growing momentum in Congress to replace the leadership structure of the Consumer Finance Protection Bureau (CFPB). Specifically, the bureau’s director Richard Cordray is under fire from members of Congress for the amount of power he yields versus Congressional oversight. The CFPB was created under the now-infamous Dodd-Frank legislation.
In a recent speech, House Financial Services Committee Chairman Rep. Jeb Hensarling, R-TX, said that he is planning to announce Republican-crafted plan to overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act as well as the CFPB, which was created as a result of Dodd-Frank. In the speech, Hensarling called the creation and rise of the CFPB one of the worst aspects of Dodd-Frank. “Dodd-Frank has turned the Orwellian-named Consumer Financial Protection Bureau, not to mention the Financial Stability Oversight Council, into tyrants,” Hensarling said.
Click here to read “Are Richard Cordray’s days as CFPB director numbered?” on HousingWire.
Update 6/8:
