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Crapo to Cordray: Will you help make structural changes to the CFPB?

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Published on Mar 12, 2013

U.S. Senator Mike Crapo (R-ID), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, paraticipated in a hearing on the nominations of Richard Cordray to be the Director of the Consumer Financial Protection Bureau (CFPB) and Mary Jo White to be a Member of the Securities and Exchange Commission (SEC). Senator Crapo asked Mr. Cordray if he would help make changes to the CFPB. Senator Crapo, and other members of the GOP conference, believe that structural changes to the CFPB are essential. Moving from a single Director to a board format will bring about transparency and openness. In addition, the agency needs to be put on the federal appropriations process so that Congress knows how monies are being spent especially on items such as contracts and outside services. And finally, the prudential regulators need to have more than just informal input into the CFPB's policy and rulemaking decisions.

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