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McHenry to Chopra: You’ve Made it Clear the CFPB Will Be Run by Richard Cordray 2.0

Washington, October 27, 2021 -

Today, the House Financial Services Committee is holding a hearing with the new Consumer Financial Protection Bureau (CFPB) Director, Rohit Chopra. While the Biden Administration and Director Chopra seek to return the CFPB to its days of regulation through enforcement, Committee Republicans are taking action to rein in the unaccountable agency.

Watch Republican Leader Patrick McHenry’s (NC-10) opening remarks here.

Read Republican Leader McHenry’s opening remarks as prepared for delivery:

“Thank you, Madam Chair, for holding today’s hearing.

“I’m glad to see our Committee following through on our oversight duties and holding our semi-annual review of the CFPB on time.

“There’s been an alarming trend of Committee Democrats scrapping our statutorily required hearings, so I hope today is a sign we’re back on track.

"Director Chopra, thank you for being here.

“As you know, we have a lot to discuss. Over the last several months, the CFPB has issued many new and concerning rules, guidance, and policy statements, and revoked some important actions completed under previous leadership. The Bureau has also delayed implementation of major rulemakings, causing regulatory uncertainty.

“I would like to hear more about how the Bureau came to the conclusion that these actions were necessary, but you’ve only been director for less than a month. None of this is your doing. It was Acting Director Uejio who was calling the shots for the last nine months. 

“An unconfirmed and unaccountable bureaucrat making decisions that harm small businesses and consumers—it’s Washington at its worst.

“But, now we have you, a Senate confirmed, but still wholly unaccountable, Democrat CFPB Director. I think we’ve seen this one before.

“As you pointed out in your statement to Bureau staff, you were one of the CFPB’s first employees more than a decade ago.

“Under the leadership of Senator Elizabeth Warren and former Director Cordray you were an active participant in the CFPB’s regulation by enforcement.

“I would hope that having witnessed the harmful impacts of the Bureau’s overreach you will take a different approach than that of your predecessors, but once again, Democrats seem to have learned nothing and forgotten nothing.

“You’ve made it clear that the CFPB will be run by Richard Cordray 2.0.

“The main difference between then and now, is the Supreme Court recognized what Republicans have been saying for years—the CFPB’s leadership structure is unconstitutional.

“This was a good first step, but now it’s up to Congress to rein in the CFPB and create an accountable agency.

“There are a number of Republican proposals to accomplish this goal.

“Take Congressman Barr’s TABS Act to bring the CFPB’s funding under the annual Congressional appropriations process or Congressman Luetkemeyer’s bill to make the Bureau a 5-member commission.

“We also have Congressman Loudermilk’s TAILOR Act to tailor regulatory actions to limit the burden on institutions.

“Congressman Williams’ bill to remove ‘abusive’ from UDAAP so the CFPB cannot make up the rules of the road as they go.

“And Congressman Emmer’s bills to require a review of all proposed and existing guidance, orders, rules, and regulations and to create a whistleblower reward program at the CFPB.

“These are simple, commonsense solutions that we should talk about today. Instead, Democrats have attached a long list of their partisan priorities to this hearing so they can continue to strong-arm their far-left agenda through Congress.

“Republicans are more interested in getting answers about YOUR agenda, Director Chopra, and how your decisions will impact small businesses and American families.

“I yield back.”


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