The Consumer Financial Protection Board (the "CFPB")
issued its ninth semi-annual report. The Report is
intended to highlight the agency's accomplishments, which,
according to the CFPB, were primarily as follows:
$44 million in compensatory payments made by financial
institutions to consumers;
$82 million of fines in enforcement actions relating to a
variety of consumer credit laws;
adoption of additional rules relating to consumer credit
issuance of a number of studies primarily relating to consumer
credit or consumer financial sophistication.
The CFPB Report did not mention the various political
controversies surrounding the agency, most notably as to
whether its structure and governance comports with Constitutional
requirements. The Report included a section on CFPB
budget transparency. CFPB funding is outside the control of
The Financial Services Committee met to discuss the report and
to hear testimony from Director Cordray. At the meeting,
Financial Services Committee Chair Jeb Hensarling (R-TX) urged
President Trump to dismiss Mr. Cordray from his position, and
asserted that Mr. Cordray had "shown an utter disregard for
protecting markets, . . . acted unlawfully, routinely denied market
participants due process and abused [the CFPB's] powers."
Chair Hensarling stated that Mr. Cordray's actions epitomized
problems with the CFPB itself:
"The CFPB represents the summit of unelected, unaccountable
and unconstitutional agency government."
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