This is why Fannie and Freddie mortgage initiatives won't work

This is why Fannie and Freddie mortgage initiatives won't work

MBA declarations are feel-good, but temporary

How far can lenders push the credit box?

Watt announcement helps, but risk keeps standards tight

Warren calls for GAO investigation of nonbank servicers

Asks GAO to review “unprecedented” growth of nonbank servicers
W S

Waters: Cancel House CFPB discrimination hearing

Prefers broader look at HR issues at all agencies

stormy congress
/ Print / Reprints /
| Share More
/ Text Size+

The Consumer Financial Protection Bureau has a friend in U.S. Rep. Maxine Waters.

The leading Democrat lawmaker on the House Financial Services Committee sent a letter to Chairman Jeb Hensarling, R-Texas, urging him to cancel a committee investigation scheduled for Wednesday, April 2, into allegations of discrimination, retaliation and abuse at the CFPB.

The CFPB has already stated that it will not participate into any such investigation and won’t attend the hearing.

CFPB director Richard Cordray says that the CFPB is exempt from oversight and transparency rules that govern every other regulatory and government body in the United States is subject to, with the exception of the CIA and the Federal Open Market Committee.

Cordray has also made other controversial statements in regard to the CFPB’s independence.

There is currently a bill before Congress introduced by U.S. Rep. Sean Duffy, R-Wis., which would apply the Federal Advisory Committee Act to the CFPB and its advisory councils.

Waters and fellow Democrat Al Green of Texas, a member of the subcommittee, say in the letter that they are concerned about the repercussions of holding a hearing to look into the allegations of discrimination.

“It is our hope that in cancelling the hearing, you will instead commit to working in a bipartisan manner to fully investigate potential discrimination, as well as efforts to achieve equality of opportunity within all federal agencies, as well as the various industries within our committee’s jurisdiction,” the letter says. “It is only under a careful and intentional committee investigation that we may begin to unravel these disparities and identify workable solutions to achieve our shared goals.”

Recent Articles by Trey Garrison

Comments powered by Disqus