EXCLUSIVE: JOHNSON RIPS GOP ON CFPB - From prepared remarks to be delivered this afternoon by Senate Banking Committee Chairman Tim Johnson (D-S.D.) at a hearing on the nomination of Richard Cordray to be the first director of the CFPB: “The purpose of today’s hearing should be to consider whether Mr. Cordray is qualified for [the] job. ... Instead, a vocal minority is playing games with the process and holding Mr. Cordray’s nomination hostage. ...
“This political gamesmanship is preventing Americans from receiving the consumer protections they deserve and putting community banks and credit unions at a competitive disadvantage to nonbank financial companies ... The misleading claim of no CFPB accountability - drummed up by special interests and put forth by a vocal minority - should be exposed for what it is: an attempt to destroy the Bureau’s ability to do its job of protecting American consumers.”
CORDRAY: LAWSUITS NOT THE FOCUS - From Cordray’s prepared remarks: “I know from my own experience that lawsuits can be a very slow, wasteful, and needlessly acrimonious way to resolve a problem. The supervisory tool, in particular, offers the prospect of resolving compliance issues more quickly and effectively without resorting to litigation. ... Enforcement, of course, will still have an important role.”
More on Cordray's testimony yesterday:
Statement From CFPB Nominee Richard Cordray - Bloomberg