CFPB in Action: A Roundup of Activity Related to the CFPB -- March 13, 2013

In a new recurring feature on insideARM.com, we will be periodically digesting the most recent news on activity at the Consumer Financial Protection Bureau (CFPB).

The biggest CFPB news this week is the formal beginning of Richard Cordray’s confirmation hearings as Director of the Bureau. He was before the Senate Banking Committee Tuesday. You can read his written testimony, in which he details his background and experiences related to financial services, here.

Nothing has changed here; Republicans are going to continue to block his confirmation until they get the changes they want to the structure of the CFPB (or something else happens). But new committee member Sen. Elizabeth Warren (D-Mass.) had some direct words for her colleagues across the aisle in the hearing.

Huffington Post: Senator Elizabeth Warren lashes out at her Republican colleagues, challenging them about why they are treating Richard Cordray and the Consumer Financial Protection Bureau differently than numerous other agencies and regulators that are led by one director, and funded outside of the appropriations process.

Bloomberg: U.S. Senator Elizabeth Warren accused Republicans of trying to weaken the Consumer Financial Protection Bureau by blocking the confirmation of its director unless lawmakers agree to change the agency’s structure.

Think tank Demos defended the structure of the CFPB and countered a popular Senate Republican talking point:  Under current law, the Bureau is fully accountable to the American people, to Congress, the judiciary, and the President. It has sufficient freedom of action to operate successfully, but it is also already more constrained – by oversight from other regulators and by special review by small business representatives – than any other financial agency.

In other CFPB news, the Bureau announced a field hearing in Iowa at the end of the month.

Credit Union Times: Evidently the CFPB has scheduled a field hearing for March 28 in Des Moines, Iowa, regarding the Consumer Complaint Database and has invited credit unions to participate. Similar to the hearing we recall back in October 2012 regarding debt collection, the details of the hearing agenda, and its location, are slim.

CFPB Monitor wonders if this event will see the announcement that the agency is taking complaints on debt collection and/or payday lending.

The CFPB also posted on its blog formal introductions for its four regional directors. Read their bios.

ALSO OF INTEREST: insideARM maintains a CFPB Resources page, including debt collection related materials published by the agency. Check back periodically for updates.