Consumer Financial Protection Bureau (CFPB) Director Richard Cordray is scheduled to testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Wednesday, July 15, according to anannouncement on the Senate Banking Committee’s website.
The full committee hearing, titled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress,” begins at 10 a.m. Eastern time on July 15.
Senator Richard Shelby (R-Alabama), chairman of the Senate Banking Committee, has been one of the CFPB’s most outspoken critics over the last four years since the Bureau’s formation. Like many Republicans, his criticisms of the Bureau revolve around the fact that the CFPB is not accountable to Congress and is run by a single director rather than a board despite the fact that it is funded by the Federal Reserve.
In the last couple of weeks, the CFPB has been under fire for alleged discrimination against its employees and subsequent retaliation against the whistleblowers. Two of the whistleblowers testified last week in a subcommittee hearing in the House Financial Services Committee of the illegal discrimination and retaliation by the CFPB against employees.
CFPB has also been under pressure from lawmakers and stakeholders in the mortgage industry to delay the effective date of the Know Before You Owe Mortgage Rule, also known as the TILA-RESPA Integrated Disclosure (TRID) Rule. Last week, the Bureau announced a proposed amendment that would delay implementation of TRID until Saturday, October 3, due to an “administrative error.” The CFPB is taking public comments on the proposal until July 7.