WASHINGTON – Federal legislators from both parties and both houses of Congress told attendees of NAFCU's 2015 Congressional Caucus that they remain determined to replace CFPB Director Richard Cordray with an independent board of directors and make the CFPB an independent commission.
Rep. Randy Neugebauer (R-Texas) drew open laughter from the assembled industry executives when he recounted how he had brought Rep. Maxine Waters (D-Calif.), the highest-ranking Democrat on the House Financial Services Committee, around to the idea.
"I told the ranking member of our committee that I could change her mind on the independent CFPB board with just three words," Neugebauer said. "She said, 'What three words?' And I replied, 'CFPB Director Neugebauer.'"
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