Congres Gets One Last Chance to Poke CFPB Before it Opens for Business

I don’t think there can be any dispute that the GOP has fought the existence of the CFPB and tried a number of approaches to defang it or try to make it go away.

This Thursday, Elizabeth Warren, appears again in front of the House Oversight Committee and will most likely face one last round of aggressive questioning before the CFPB opens for official supervisory business on July 21.

In here last appearance, Rep. Patrick McHenry (R-N.C.) essentially called Warren a liar over a scheduling dispute. You can see the video here.

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McHenry will be back on the panel for this next appearance as well and we shall see if sparks fly again.

The Hill is reporting “The GOP has made a strong attempt to paint the new bureau as far too powerful and lacking in any sufficient oversight. And Republicans will continue to press Warren Thursday.

“This hearing will give Professor Warren an opportunity to provide clear information – which has so far not been articulated in public statements, budget justification, FOIA responses, or previous congressional testimony – about how the administration intends to go about protecting consumers,” said an Oversight spokesperson.”

I’ve talked to the folks at the CFPB, I’ve been to the CFPB, I have meetings coming up at the CFPB and it all seems pretty clear to me. The CFPB intends to help protect consumers from abuse in financial affairs and will focus on issues that concern the debt relief world, for example.

I would expect to see companies violating rules and regulations to receive substantial fines which will be used to help fund the CFPB operations.

If any debt relief company is seeking guidance or advice I would encourage you to reach out and proactively contact the CFPB. All of the staffers I’ve met there are helpful and reasonable.

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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