Cordray Fields Questions From House Panel
House Republicans asked tough questions of Richard Cordray about his plans for running the Consumer Financial Protection Bureau, but the session wasn’t as hostile as it was when Elizabeth Warren testified.
At a Jan. 24 hearing of the House oversight subcommittee on TARP, financial services and bailout of public and private programs, the panel’s Republican members urged Cordray to be more transparent about the bureau’s regulatory plans. Some also questioned whether the controversy surrounding how he was appointed would impact the legitimacy of the bureau’s decisions.
Rep. Mike Quigley, the top Democrat on the subcommittee, said that “leveling the playing field, especially for community banks” should be a top priority.
Cordray told Quigley (D-Ill.) that regulating nonbank entities was the first thing he did when taking office and that a more level playing field “would have helped community banks and credit unions in the run up to the financial crisis.”