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Thursday, September 20, 2012

Lawmakers Frustrated with Lack of Accountability in the CFPB

“Many of us have been frustrated by the lack of accountability in the CFPB's leadership structure and the lack of transparency in the CFPB's funding structure,” House Financial Services Committee Chairman Spencer Bachus (R-AL) said in his opening statement for this morning’s hearing on the CFPB.
The absence of adequate checks and balances is especially troubling given that neither Congress nor the executive branch can fully review the Bureau's spending. The CFPB’s requests to draw millions of dollars from the Federal Reserve often take the form of nothing more than e-mails that lack any details as to how the money will be spent.
Chairman Bachus also questioned the CFPB’s decision “to release raw, unverified” data on consumer complaints.
Rather than help consumers, publicly disclosing unverified information could instead mislead consumers. It is my hope that the CFPB will take the steps necessary to ensure that the data it releases is accurate.
Read more.

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