The Manufactured Housing Association for Regulatory Reform (MHARR) informs MHProNews Jeb Hensarling, (R-TX) Chairman of the House Financial Services Committee, says he cannot accept testimony from the Consumer Financial Protection Bureau’s (CFPB) director Richard Cordray on the semi-annual report since he is not a valid director. A federal appeals court has ruled that President Obama’s recess appointment of Cordray is constitutionally invalid. He says until there is a valid director, “The committee intends to continue to conduct rigorous oversight of the CFPB’s activities, and will expect the CFPB’s cooperation in those efforts, including making other employees available to testify at committee hearings and responding fully to committee requests for documents and information.” Commenting on members of Congress who want to make the bureau accountable for its budget, staff and activities, he says, “No other regulator has more influence over the daily financial lives of Americans. Dodd-Frank gives the CFPB director the power to decide what financial products and services will – and will not – be available to American consumers and how much they will have to pay for them.” Chairman Hensarling states the bureau should be run by a bipartisan commission, and notes President Obama, Dodd-Frank authors former Rep. Barney Frank and former Sen. Chris Dodd, and Sen. Elizabeth Warren, credited with the idea of the CFPB, all originally wanted a commission to run the CFPB.
