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Friday, August 2, 2013

House GOP Raises Questions about CFPB Departures

Senior House Republicans have expressed concern about the departures of several top CFPB officials, who may “have left the CFPB in order to profit from rules they helped create.”

In a letter signed by House Oversight Committee Chairman Darrell Issa (R-Calif.) and House Financial Services Committee Chairman Jeb Hensarling (R-Texas), among others, the representatives singled out Raj Date, who founded mortgage firm Fenway Summer after leaving the CFPB in January.

“It appears that former CFPB employees are now offering financial products in a market sector created by the very rules they were in a position to influence. . . . This conduct raises serious questions about the integrity of the CFPB’s rulemaking process and the conduct of some of its most senior former officials.”

The letter requested that the CFPB send various forms of documentation to the oversight and financial services committees regarding communication between the departed CFPB employees and current CFPB personnel.

Read the letter.

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