In the 2 1/2-hour hearing, Cordray, who has been the CFPB director for less than three weeks after his controversial Jan. 4 recess appointment, touted the new agency’s efforts to supervise banks and nonbanks, simplify credit card and mortgage forms and tackle payday lending. “People want a consumer financial system that actually works for consumers,” he said, reporting that the CFPB now has 757 employees and plans to grow to about 1,000 by the end of the year.
The hearing started off on a prickly note, with Patrick McHenry (R-N.C.), who chairs the Oversight subcommittee on TARP, financial services and bailouts of public and private programs, voicing a familiar litany of complaints against the agency, which he described as headed by “a single unelected, unaccountable bureaucrat with a half a billion dollar budget” – one serving via a recess appointment, no less. McHenry continued, “Financial markets are in need of certainty, and in this regard, the CFPB has failed its first test.”
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