Hensarling Responds to Recent Deluge
of Action by CFPB
WASHINGTON – House Financial Services Chairman Jeb Hensarling (R-TX) issued the following statement today regarding the ever-growing list of actions, rules and regulations coming out of the CFPB over the last week – including finalization of updates to its “Know Before You Owe” mortgage disclosure rule, selection of new Consumer Advisory Board members, finalization of its arbitration rule, and proposed changes to the reporting requirements for banks and credit unions that issue home-equity lines of credit.
“Back in March, I asked Director Cordray whether he would serve his full term as CFPB Director expiring July 2018, and if not, on what date he would depart from office. He avowed that he had ‘no insights to give,’ even though it is widely reported that he is considering a run for the Democrat nomination for Ohio Governor.
“If Director Cordray wishes to issue midnight rules, to hire or adjust the status of CFPB employees, to obligate CFPB funds, or to accelerate agency investigations, he should first commit to serving his full term. If he will not do so, the honorable course of action would be to resign and leave such decisions to his successor.”