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A subcommittee of the House Financial Services Committee is scheduled to hold a hearing entitled “Examining Legislative Proposals to Reform the Consumer Financial Protection Bureau” on Thursday, October 24, 2013. The hearing will be held by the Subcommittee on Financial Institutions and Consumer Credit.   

This seems like pure political theater since there is no realistic chance that the Senate will pass any such reforms.… Continue Reading

The CFPB recently sent 49-pages of responses to questions about the CFPB’s data collection activities asked by members of the House Financial Services Committee in connection with the appearance of Steven Antonakes, CFPB Deputy Director, before the committee on July 9, 2013. As we reported, Director Cordray, when he appeared before the committee on September 16, 2013, heard Republican committee members criticize the CFPB for failing to provide those responses and indicated they would be provided within days.… Continue Reading

Although the House Financial Service Committee’s hearing last Thursday was entitled
“The Semi-Annual Report of the Consumer Financial Protection Bureau,” the contents of the report received little mention from committee members.  Instead, committee members questioned Director Cordray, the sole hearing witness, on a wide range of topics.  Highlights include the following:

  • The CFPB’s data collection efforts continued to be a major focus of questions from Republican committee members. 
… Continue Reading

Continuing to press their case that the CFPB is not sufficiently accountable to Congress, Republican members of the House Financial Services Committee made the CFPB’s spending habits the focus of criticism at the committee’s hearing this past Tuesday on “CFPB Budget Review.”  

The only witness was Stephen Agostini, the CFPB’s Chief Financial Officer.  … Continue Reading

Tomorrow, June 18, the House Financial Services Committee will hold a hearing on “CFPB Budget Review.”  According to the memo to Committee members from Committee Majority Staff, the hearing “will examine the past and planned obligations and expenditures of the Consumer Financial Protection Bureau (CFPB) for fiscal years 2011-14, the purpose and propriety of such obligations and expenditures, and whether the absence of CFPB accountability to Congress has an impact on such obligations and expenditures.” … Continue Reading

The House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit has scheduled a hearing for tomorrow, May 21, on “Qualified Mortgages: Examining the Impact of the Ability to Repay Rule.” 

There will be one panel consisting of two witnesses from the CFPB.  The CFPB officials scheduled to appear are Peter Carroll, Assistant Director for Mortgage Markets, and Kelly Cochran, Assistant Director for Regulations.… Continue Reading

On April 16, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing on “Examining Community Bank Regulatory Burdens.”  Among the witnesses scheduled to appear is Charles Kim, Executive Vice President & Chief Financial Officer, Commerce Bancshares, Inc., who will appear on behalf of the Consumer Bankers Association. … Continue Reading