House Republicans renew attack on CFPB, calling it unaccountable

Defenders of the CFPB cite its popularity

The intensely partisan fight over the operations of the Consumer Financial Protection Bureau flared again on Tuesday, as a key House subcommittee chairman accused Director Rohit Chopra of operating a rouge, out-of-control agency.

“The CFPB is increasingly out of control and lacks transparency because there are virtually no checks on the agency’s power,” Rep. Andy Barr, R-Ky., chairman of the House Financial Services Committee’s Financial Institutions and Monetary Policy Subcommittee, said at a hearing called to review the agency’s operations.

Barr added that the committee invited a CFPB witness to testify Tuesday, but he said the agency declined to provide a witness.

The Dodd-Frank Act created the CFPB and included a provision that the agency’s funding is provided by the Federal Reserve and not through the annual congressional appropriations process. That funding scheme currently is the subject of a Supreme Court case in which a trade association has challenged an agency rule, contending that the rule was issued by an agency whose funding was unconstitutional.


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