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ICYMI: Committee Republicans Press for Accountability and Transparency at the CFPB

Washington, March 4, 2015 -

Wall Street Journal: Hensarling Wants Quicker Responses From ‘Stonewalling’ Agencies

The head of a key U.S. House committee, frustrated by “stonewalling” by federal agencies, is ramping up pressure on government officials to quickly comply with requests for information.

Mr. Hensarling said the CFPB has had an “abysmal record of non-compliance” with the committee’s requests for information.

The Hill: Hensarling rips Obama for ‘unprecedented secrecy’

Hensarling says he'll subpoena officials at agencies such as the Consumer Financial Protection Bureau (CFPB) if, after one-month and two warnings, they don't respond to his requests for documents.

He contends the policy is needed because of the "unprecedented secrecy and stonewalling by the Obama Administration." Hensarling noted that if his policy "does not preclude good faith negotiations between the Committee and the relevant agency." "Indeed, the policy is intended to encourage such negotiations and the prompt resolution of document requests," Hensarling wrote. "It is my hope that I never have to issue a subpoena."

Bloomberg: House Republicans Seek Changes to CFPB; Call for Restructuring Regulatory Agency

Neugebauer said he intends to introduce legislation to restructure and refocus the CFPB.

“Perhaps one of the most important reforms is to introduce a balanced and consultative process into its decision making,” he said. “Many have forgotten that Sen. Elizabeth Warren, our former colleague Barney Frank, and even the president originally supported a board leadership structure."

Credit Union Times: Cordray Defends CFPB Payday Lending Action

Rep. Lynn Westmoreland (R-Ga.) said a lot of his constituents live paycheck to paycheck, and he asked Cordray where consumers should go if they are in need of a small loan.

“If you were me, what would you tell them if they came to me and said they had an emergency and they needed to get $50 or $100 for a week or three or four days? Where would you advise me to tell them to go to get that kind of credit?”

Housing Wire: House Committee grills Cordray on QM, mortgage regulations

“Free checking has been cut in half. QM increasingly stands for ‘Quitting Mortgages’ as community bank after community bank finds they can no longer offer mortgages to many of their deserving customers,” Hensarling said.

The Hill: GOP bill would overhaul consumer agency

"The bureau regrettably remains unaccountable to the American people," Hensarling said. "That is why we need the CFPB on budget and led by a bipartisan commission; mere testimony is not the equivalent to accountability."


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