WASHINGTON—CFPB Director Richard Cordray will testify before the House Financial Services Committee April 5 on the Bureau's 2016 semiannual reports, which detail the Bureau's activities.
This will be Cordray's first appearance before the panel since March of 2016 in the previous Congress.
NAFCU noted that Cordray is expected to appear before the Senate Banking Committee to discuss the same reports soon. While focused on the CFPB's annual reports, the April 5 hearing discussion could cover any of a wide range of issues.
As CUToday.info reported, earlier this month, the Justice Department filed an amicus brief for the federal government in support of PHH Corp.'s contention that the CFPB's structure is unconstitutional.
In its brief the Justice Department says the president should be able to remove the CFPB director at will. Currently Cordray can only be removed in cases of "inefficiency, neglect of duty or malfeasance in office," according to the Dodd-Frank Act, which created the CFPB.
The brief did not take a position on PHH's underlying challenge to the Bureau's interpretation of the Real Estate Settlement Procedures Act, noted NAFCU. NAFCU and 12 other trade associations filed an amicus brief in support of PHH's case with regard to RESPA.