Battle lines over Director Cordray’s future at the CFPB are predictably forming along party lines.  Earlier this week, two Republican senators sent a letter to Vice President-elect Pence urging Director Cordray’s removal by President-elect Trump.  Also earlier this week, a group of 21 Democratic members of the House Financial Services Committee, including ranking member Maxine Waters, sent a letter to President-elect Trump “to caution [him] against entering into a protracted-and likely unsuccessful-legal battle to oust [Director Cordray] before his term expires in July 2018.”… Continue Reading

House Republicans are making another attempt to replace the CFPB’s director with a five-member commission.  A similar attempt passed the House early last year but did not reach a vote in the Senate.

H.R. 1266, introduced earlier this week by Republican Congressman Randy Neugebauer, is entitled the “Financial Product Safety Commission Act of 2015.” … Continue Reading

Two members of the House Committee on Financial Services, each of whom chairs a subcommittee, have sent a letter to Director Cordray asking a series of questions about the CFPB’s intended approach to rulemaking. Authored by Randy Neugebauer, Chairman of the Subcommittee on Oversight and Investigations, and Shelley Moore Capito, Chairman of the Subcommittee on Financial Institutions and Consumer Credit, the letter was sent on March 29 as a follow-up to Director Cordray’s testimony on the same date to the full Committee.… Continue Reading