House Financial Services Committee Democrats Reply to Staff Report About Cordray

Yesterday, Allison wrote about the House Financial Services Committee staff report threatening CFPB Director Richard Cordray with contempt charges.  Democrats on the Committee replied here.  Excerpt:

Debunking Republicans’ Alternative Facts:

  • Fiction: “Wells Fargo has cooperated in full with the Committee’s investigation to date.” 
  • Fact: Wells Fargo has not responded to Democrats’ multiple requests to provide Democratic staff the same meetings with Wells Fargo executives that it provided to Republican staff.
    * * *
  • Fiction: The report faults the Consumer Bureau for not including “internal CFPB records…such as internal emails or memoranda relating to its investigation.” 
  • Fact: Committee Republicans fail to note that their September 16, 2016 document request did not ask for internal records nor communications. This report is the first time that Committee Republicans have stated that they are seeking these internal Consumer Bureau records.
  • Fiction: “…the Committee asked the Director to brief the Committee about the CFPB’s investigation. … Director Cordray replied that he would not brief the Committee.” 
  • Fact: Director Cordray has repeatedly made himself and Consumer Bureau staff available to speak with, brief, and offer hearing testimony to the Committee. In addition, Committee Republicans rejected Director Cordray’s offer to testify at the Committee’s Wells Fargo hearing. 
  • Fiction: Majority Committee staff “…conclude[s] that Director Cordray is in default of the Committee’s Subpoena.” 
  • Fact: The Consumer Bureau provided over 57,000 pages of documents in response to the subpoena. Additionally, the Consumer Bureau has repeatedly requested additional guidance from the Committee to ensure that the Committee has received all records that it requested. 

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