WASHINGTON (3/30/12)--Saying his agency is "already taking important steps to improve the lives of consumers," Consumer Financial Protection Bureau (CFPB) Director Richard Cordray delivered the agency's first semiannual report to members of the House Financial Services Committee on Thursday.
Cordray discussed the same report, which was released in late January, with members of the Senate Banking Committee earlier this year.
In his testimony, Cordray said he is "driven by the challenges and responsibilities" of his agency's mission to protect American consumers, and added that he welcomed the members' thoughts about the CFPB's work. Cordray also noted that this is the 15th time a CFPB representative has testified before the House or the Senate.
The general progress of the CFPB was again addressed during the hearing, and Cordray in a prepared statement said the agency would not set prices, limit the size of banks, or ban any specific financial products. However, the CFPB is working to ensure a level playing field for the various financial institutions that offer consumer finance products such as payday loans, prepaid debit cards, mortgages, and student loans, Cordray added.
While some committee members credited the CFPB for the fast pace of its work, including work on mortgage disclosure form changes and student lending issues, others said they still questioned the validity of Cordray's appointment, which was made by President Barack Obama over the winter recess. Rep. Shelly Moore Capito (R-W. Va.) said the nature of Cordray's appointment could lead to challenges to CFPB authority.
For the full CFPB report, use the resource link.