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Kustoff Presses CFPB Director on Lack of Checks and Balances

Press Release

Date: April 6, 2017
Location: Washington, DC
Issues: Business and Consumers Finance and Banking Government Operations

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.


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