Kustoff Presses CFPB Director on Lack of Checks and Balances
Washington, D.C. – In a Financial Services Committee hearing yesterday, U.S Representative David Kustoff (TN-08) questioned Consumer Financial Protection Bureau (CFPB) Director Richard Cordray on the structure of the CFPB and their lack of accountability to Congress, the Judiciary, the President and the American people.
“Since the CFPB does not rely on any appropriations from Congress to fund its operations, it faces less Congressional oversight than almost any other agency or bureau,” said Kustoff. “This inherent lack of accountability creates a cloak of secrecy that contradicts the very nature of the Bureau’s commitment to transparency.”
Kustoff specifically asked Director Cordray about the CFPB’s authorization to prohibit unfair, deceptive, or abusive acts or practices (UDAAP) under the Dodd-Frank Act.
For full footage of Director Cordray’s testimony, click here.
Kustoff represents the 8th District of Tennessee and is a member of the House Financial Services Committee, serving on three subcommittees: Financial Institutions and Consumer Credit, Oversight and Investigations and Terrorism and Illicit Finance.