Committee Republicans Take Action Against Harmful, Anti-Consumer CFPB Policies

Cmte Financial Services (R)
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Committee Republicans Take Action Against Harmful, Anti-Consumer CFPB Policies

In response to a series of partisan actions by Consumer Financial Protection Bureau (CFPB) Acting Director David Uejio, Committee Republicans, led by Republican Leader Patrick McHenry (NC-10), sent a letter to the Acting Director detailing how his policies will harm American consumers, workers, and families. Additionally, Republican Leader McHenry sent a letter to Chairwoman Maxine Waters (CA-43) calling on her to convene a hearing with the Acting Director to hold him accountable for the CFPB’s harmful actions.

In their letter to Acting Director Uejio, Committee Republicans outline concerns with three specific actions taken by the CFPB regarding the abusiveness standard, supervisory authority, and Military Lending Act authority.

The Republican Members write: “During your six-month tenure as Acting Director, you have directed the Consumer Financial Protection Bureau (Bureau) to undertake several actions that would traditionally be reserved for a Senate-confirmed Director. These actions include issuing new rules, guidance, and policy statements; delaying the implementation date of multiple major rulemakings conducted in accordance with the APA under a Senate-confirmed Director; reversing and rescinding policy statements and guidance issued by a Senate-confirmed Director; and undertaking nine enforcement actions against financial services companies.

“Senate confirmation is an important Constitutional process that ensures the will of the American public is preserved and Presidential power is limited. It is concerning the CFPB is conducting business as usual without a Senate-confirmed Director and without proper oversight.”

In his letter to Chairwoman Waters, Republican Leader McHenry requests Democrats uphold their oversight responsibilities and convene a hearing with Acting Director Uejio where Republicans will have the opportunity to scrutinize the CFPB’s destructive actions.

Republican Leader McHenry Writes: “To that end, this Committee should ensure it fulfills its statutory oversight responsibilities. Acting Director Uejio should be required to testify before the Committee on the actions taken during his tenure. I respectfully request that you schedule a hearing to hear from the Acting Director as soon as possible.”