‘Disturbing Developments’ at CFPB Show Need for Accountability
Federal Information & News Dispatch, Inc. |
'Disturbing Developments' at CFPB Show Need for Accountability
This morning we welcome back Director Cordray to deliver testimony on the fifth semi-annual report of the
Protecting consumers within interstate commerce is a vitally important mission of the Federal government. And properly designed, the
Since Director Cordray last appeared before our committee in January, we have learned much. First, we have learned in the first quarter of this year we actually had negative economic growth of one percent. And when you speak to practically any small businessperson, any community banker they will tell you the sheer weight, volume, complexity of the regulatory red tape burden is one of the primary reasons that they cannot expand and hire more people.
We hear, for example, from
We have also learned since Director Cordray's last appearance the
Even more troubling, we have learned since Director Cordray was last before the committee that the joint database project by the
A breach of this database could cause untold harm to consumers by the very agency that purports to protect them. Without a doubt, this National Mortgage Database is an unwarranted and shocking intrusion into the privacy of American citizens. It is a database I would fully expect to see in either
Next we clearly have the most appalling development that has occurred since Director Cordray's last appearance here: independently corroborated reports of widespread discrimination and abuse of employees at the
Most wish to remain anonymous because they fear retaliation. But as you prepare to give your testimony, Director Cordray, I have no doubt that you are aware we will hear publicly from other whistleblowers this afternoon including one -- Mr.
I have no doubt that all agree, including the Director, that invidious discrimination and retaliation are not only illegal, they are also morally repugnant. Until I heard it with my own ears, I never would've believed that a Federal office in the 21st century would commonly be referred to as "the plantation." I, for one, am uninterested in hearing how the "system" is to blame, Director Cordray. I am uninterested in hearing about plans to conduct listening sessions and hiring consultants when the real problem is the people you've hired to help you run the Bureau.
These disturbing developments once again demonstrate, I believe conclusively, why there must be substantial structural reform at the
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