National Law Journal Report on CFPB’s Director Cordray’s Appearance Before Congress Yesterday

Here.  The headline: A Sense of Déjà Vu in Latest Hill Appearance of CFPB Chief. An excerpt:

First came the obligatory complaint that Cordray's January recess appointment was illegal. "Dodd Frank made you a very powerful appointee, but not a legitimate appointee," Representative Jeb Hensarling (R–Texas) told the perpetually unflappable Cordray. "There's a big gray legal cloud hanging over your agency."

The agency's budget, which comes from Federal Reserve fees rather than congressional appropriations, was another favorite target. Representative Randy Neugebauer (R–Texas) described it as a "slush fund of half a billion dollars."

Democrats then rushed to support Cordray and his agency. "I would say you have tremendous credibility," said Representative Carolyn Maloney (D–N.Y.), who dismissed the criticism as "election year efforts by those who never wanted to create the agency in the first place."


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