Democratic staff from the United States House Committee on Financial Services released a report in which they supported the Consumer Financial Protection Bureau ("CFPB") and criticized Republican efforts to "functionally terminate" the agency. The report highlighted actions taken by Congressional Republicans to repeal the CFPB arbitration rule (see previous coverage) as examples of such efforts.
In the report, Democratic staffers argued that the CFPB has been "highly successful," and listed various efforts by the agency demonstrating its commitment to the fortification of consumer protections. The Democratic staff also claimed that the CFPB is subject to "robust oversight and accountability," and concluded that Republican efforts to terminate the CFPB have been motivated by a desire to "return the regulatory landscape back to the years preceding the financial crisis and the enactment of the Dodd-Frank Act, in spite of the successes of the [CFPB]." The staffers criticized Republicans for attempting to "distract and undermine" the CFPB and Director Richard Cordray. They stated:
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