WASHINGTON – This morning, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced his resignation. Congressman Robert Pittenger (NC-09) had this reaction:
“The Consumer Financial Protection Bureau is led by a single director who answers to no one, not even the President. There is no process for oversight. Director Cordray’s unconstitutional power led to excessive regulations which restricted job growth and increased the cost of credit for ordinary Americans. His resignation allows President Trump to appoint a new director committed to reform. Does the CFPB have an important role? Yes, but only with proper oversight and accountability, which Director Cordray consistently resisted.”
As a Member of House Financial Services Committee, Congressman Pittenger has been involved in several legislative efforts to reform the CFPB. This includes co-sponsoring the Financial CHOICE Act (H.R. 10, passed the House on June 8th) and securing passage of legislation requiring CFPB to give consideration to small businesses when creating new regulations (H.R. 1195, passed the House in April 2015).
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