Congressional Financial Services Committee Scrutinizes CFPB

On Tuesday, January 27, 2014, the House of Representatives Committee on Financial Services will hold a hearing on the Semi-Annual Report of the Consumer Financial Protection Bureau (“CFPB”).  This blog discussed the report when it was issued in November 2013.  The only scheduled witness at the hearing is Director of the Bureau, Richard Cordray, who is the primary voice behind the report.  It is likely the hearing will focus on the concerns of committee members in addition to the actual contents of the report.

Additionally, in a role-reversal of sorts, the House of Representatives Committee on Financial Services has issued a request for consumers to provide feedback on the Consumer Financial Protection Bureau.  The request asks consumers and businesses for candid feedback.  As this blog has explained, the CFPB has accumulated consumer complaints about various players in the consumer financial services industry, most recently, debt collectors, and thus, this latest call for complaints is somewhat ironic.  The form can be located here.

Please contact Spilman or other knowledgeable counsel if you have questions on these developments.

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by R. Scott Adams

R. Scott Adams

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