LA Times columnist writes scathing piece against House Financial Services Chairman

In defense of the CFPB

Capitol storm clouds

While side one, Congress Republicans, is busy spreading their message against the current structure of the Consumer Financial Protection Bureau, their adversary is busy doing the same.

The battle over the future of the bureau has spurred representatives, such as Rep. French Hill, R-Ark., and Rep. Ann Wagner, R-Mo., to recently pen commentaries for their local publications on the need for the agency to be reined in.  

But people in support of the CFPB aren’t simply going to sit around quietly.

David Lazarus, a columnist for the Los Angeles Times, wrote a scathing piece against House Financial Service Committee Chairman Jeb Hensarling, R-Texas, questioning his transparency and care about the American people, an accusation that the House Financial Services Committee did not take lightly.

In his commentary, which transpired after the CFPB’s semi-annual hearing before Hensarling’s committee, Lazarus stated:

In a contentious hearing this week that bordered on outright abuse, Hensarling told CFPB Director Richard Cordray that “the president is clearly justified in dismissing you and I call upon the president – yet again – to do just that, and to do it immediately.”

Make no mistake: Hensarling doesn’t give a damn about American consumers and he sure as hell isn’t pushing for a “cop on the beat” to keep banks in line. What he wants is to liberate his deep-pocketed corporate patrons from regulatory oversight that’s resulted in billions of dollars being reimbursed to customers.

Lazarus’ end point echoes the same message that others have made in defense of the CFPB, arguing that it has a strong track record of defending American taxpayers.

From the column:

If the CFPB were derelict in its mission of consumer protection, lawmakers would have every right to demand changes. But the bureau’s track record is one of unqualified success — much to the consternation of big-money banks and financial firms.

The piece was enough to push the House Financial Services Committee to address the column on Twitter.

Here is a series of tweets from the committee.

And in a final response, the committee point blanks stated the author was wrong.

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