Cordray Replies to Criticism by House Financial Services Staff

Reuters covers it here, and housing Wire here.  Both stories refer to a five-page letter from the Director.  According to the Reuters' story:

The [Committee staff] report said the CFPB had been an ineffective watchdog against Wells Fargo & Co, missing extensive improper sales practices and taking action only after work on the bank's unauthorized accounts scandal had been done by others.

The committee's report also depicted the CFPB as reluctant to cooperate with the panel's Well Fargo probe.

Cordray insisted that his agency had done critical work in policing Wells Fargo, and said the report "devolves into various misstatements and allegations" about the CFPB's work.

Update: the letter is here.

Leave a Reply

Your email address will not be published. Required fields are marked *