Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Cordray delivers CFPB semiannual report to House committee
WASHINGTON (3/30/12)--Saying his agency is "already taking important steps to improve the lives of consumers," Consumer Financial Protection Bureau (CFPB) Director Richard Cordray delivered the agency's first semiannual report to members of the House Financial Services Committee on Thursday.

Cordray discussed the same report, which was released in late January, with members of the Senate Banking Committee earlier this year.

In his testimony, Cordray said he is "driven by the challenges and responsibilities" of his agency's mission to protect American consumers, and added that he welcomed the members' thoughts about the CFPB's work. Cordray also noted that this is the 15th time a CFPB representative has testified before the House or the Senate.

The general progress of the CFPB was again addressed during the hearing, and Cordray in a prepared statement said the agency would not set prices, limit the size of banks, or ban any specific financial products. However, the CFPB is working to ensure a level playing field for the various financial institutions that offer consumer finance products such as payday loans, prepaid debit cards, mortgages, and student loans, Cordray added.

While some committee members credited the CFPB for the fast pace of its work, including work on mortgage disclosure form changes and student lending issues, others said they still questioned the validity of Cordray's appointment, which was made by President Barack Obama over the winter recess. Rep. Shelly Moore Capito (R-W. Va.) said the nature of Cordray's appointment could lead to challenges to CFPB authority.

For the full CFPB report, use the resource link.
Other Resources

RSS print
News Now LiveWire
.@BelvoirFederal revamped the checking acct. it offers to active duty military members and achieved 23% growth on the product in 1 mo.
15 hours ago
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
19 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
20 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
21 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
7 25 ago