Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has established a new policy for using his authority to issue subpoenas to the CFPB and other agency’s subject to the Committee’s oversight.  According to a letter from Mr. Hensarling to Democratic Congresswoman Maxine Waters, the Committee’s ranking member, an agency will have “two weeks to produce documents requested by the Committee and, if no responsive documents are received, a follow-up letter providing the agency with two additional weeks to comply will be sent.” … Continue Reading

According to a Politico report, the House Financial Services Committee’s Subcommittee on Oversight and Investigations voted yesterday to issue three subpoenas in connection with the Subcommittee’s investigation into alleged CFPB employee discrimination. 

The subpoenas were issued to Stacey Bach, Assistant Director of the CFPB’s Office of Equal Employment  Opportunity, Liza Strong, the CFPB’s Director of Employee Relations, and Ben Konop, Executive Vice President of the National Treasury Employee Union’s Chapter 335. … Continue Reading

One of the Interim Final Rules released by the CFPB, Disclosure of Records and Information Rules, sets forth the CFPB’s position with regard to sharing information that it gathers and obtains though its activities. 

The Rule begins by defining much of the information received or generated by the CFPB as “confidential” – including consumer complaint-related information, “investigative” information obtained through the Bureau’s investigative processes, and “supervisory” information generated by the CFPB’s (or any other entity’s) supervision of financial institutions.… Continue Reading