Luetkemeyer, McHenry, Emmer Demand Answers on CFPB Attempt to Usurp FDIC Authority
Washington,
March 7, 2022 -
Today, Congressman Blaine Luetkemeyer (MO-03), Ranking Member on the Subcommittee on Consumer Protection and Financial Institutions, Congressman Patrick McHenry (NC-10), Ranking Member on the House Financial Services Committee, and Congressman Tom Emmer (MN-06), Ranking Member on the Subcommittee on Oversight and Investigations sent letters to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra and Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin Gruenberg. The members are demanding information and documents regarding Director Chopra and Acting Chairman Gruenberg’s December 9, 2021 actions to upend the process by which the FDIC sets its agenda. Excerpts and links to the full letters can be found below.
“On December 9, 2021, [Director Chopra] issued a joint statement with Martin Gruenberg that implied the Board of the Federal Deposit Insurance Corporation (FDIC) voted to approve a Request for Information and Comment on the bank merger process. To date, neither [Director Chopra] nor the other FDIC Board members who participated in the scheme to co-opt the Chairman’s agenda-setting authority have explained how they did so. Moreover, [Director Chopra] has failed to release documents and communications that would shed light on the process. Transparency with respect to the unresolved dispute over fundamental aspects of the Board’s governance is of particular importance to the Committee on Financial Services (the Committee) as the Board considers whether to amend its bylaws and adjust its processes, as was recently recommended by the FDIC Office of Inspector General.”
Link to the full letter to Director Chopra can be found HERE.
Link to the full letter to Acting Chairman Gruenberg can be found HERE.
Background:
Congressman Luetkemeyer released a statement December 9, 2021 condemning Director Chopra and then-Board Member Gruenberg’s unprecedented overreach. Read his full statement HERE. On December 15, 2021, Congressman Luetkemeyer introduced the FDIC Board Accountability Act to ensure the FDIC remains an independent agency removed from the political whims of partisan ideologues like we saw on December 9th. All House Financial Services Committee Republicans signed onto this bill. The full text can be found HERE.
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