Dems, Cordray Defend CFPB and Nonbank Oversight on Capitol Hill

Consumer Financial Protection Bureau Director Richard Cordray appeared today before members of the House Committee on Oversight and Government Reform, where he fielded questions from members of the House on his role, the bureau’s role and his controversial recess appointment.

The discourse presented during the hearing provided a stark contrast to a fiery exchange between Cordray’s predecessor, Elizabeth Warren and Rep. Patrick McHenry (R-N.C.) last year upon the bureau’s launch—an example which many speculated the hearing today could follow.

Not, so, however.

In responding to some of the “many questions that do remain,” according to Rep. McHenry, Cordray noted the magnitude of the industries the CFPB oversees.

“We need to the scope of what we’re trying to deal with,” Cordray said, noting a $20 trillion set of markets including mortgage lending. “It’s an important set of markets and we hope we are up to the task, but it’s an immense challenge.”

Committee members questioned Cordray about his appointment, made during a senate “recess” earlier this month. Regardless of the appointment means, Cordray said, he viewed the job as a job.

“I understand there is controversy. …all I can do is carry out my responsibilities and do it in a way with transparency and accountability,” he said.

Including nonbank lending oversight including all mortgage companies, Cordray said the CFPB staff would total around 1200 to 1500 people. Currently, according to CFPB reports, the bureau totals roughly 750 employees.

Written by Elizabeth Ecker

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