Democratic Senator: Is it raining?
Witness: That’s really up to Congress to determine but if confirmed, I will follow the statutory mandate.
Democratic Senator: What do you think of rain?
Witness: Well, senator, let me say this: if it’s raining, I will follow the law.
Democratic Senator: Wells Fargo has opened unauthorized accounts, improperly repossessed cars, unilaterally changed mortgage terms, assessed improper charges, and plenty more. The CFPB has brought multiple cases against Wells Fargo, collecting billions of dollars from it. Can you name at least one of those cases that you think the CFPB was right to bring?
Witness: Senator, I haven’t read both sides’ briefs in those cases so I’m not prepared to comment on them.
Republican Senator: Do you think the CFPB has exceeded its authority?
Witness: Definitely.
Republican Senator: Can you give us an example of when the CFPB overreached?
Witness: Oh yes, back in 2016, a federal court of appeals held the CFPB overreached in a case involving the Real Estate Settlement Procedures Act and captive reinsurance arrangements.
