Stutzman decries ‘unaccountability’
It took two years for the U.S. Senate to confirm Richard Cordray as the nation’s consumer protection chief. Now, the House is trying to eliminate his job.
The House Financial Services Committee voted recently to reorganize leadership of the Consumer Financial Protection Bureau from a director to a five-member bipartisan commission.
The panel also passed legislation that would subject the CFPB to congressional oversight as a stand-alone agency instead of a Federal Reserve bureau; have the bureau disclose financial information it collects on consumers; and prevent the bureau from collecting such data without consumers’ knowledge and consent.