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House Committee Chief Shuts CFPB Director Out, Controversy Continues

Months after an appeals court ruling called into question the validity of Consumer Financial Protection Bureau leader Richard Cordray’s director title, House Republicans are continuing to discredit his authority.

House Financial Services Committee Jeb Hensarling said this week he would refuse to allow Cordray to testify in a scheduled hearing before the committee. Under law, the CFPB chief must report to Congress twice each year on the progress and action of the bureau.

Hensarling restated his intention to block Cordray in a letter released Monday, claiming the unconstitutionality of Cordray’s appointment, which took place during what was said to be a congressional recess.

In response, Ranking Member Maxine Waters of the House Financial Services Committee today sent a letter to Chairman Hensarling contesting the claim against Cordray’s appointment.

Waters says she is “prepared to use the rules of the Committee to provide the Director the opportunity to give testimony before the Committee.”

In her letter, Ranking Member Waters further states that if Chairman Hensarling refuses to allow Director Cordray to testify she is “prepared to use the rules of the Committee to provide the Director the opportunity to give testimony before the Committee.”

Written by Elizabeth Ecker

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