Cordray Makes First Appearance On Capitol Hill

Yesterday, the newly appointed Director of the US Consumer Financial Protection Bureau (CFPB), Richard Cordray, testified before the House Committee on Oversight and Government Reform, Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs. In his first appearance before Congress since his controversial "recess" appointment, Director Cordray addressed the legitimacy of his appointment to the post, outlined his broad vision for the CFPB, and addressed the mechanics and substance of the CFPB's regulatory efforts. Yesterday's hearing represents the beginning of what is likely to be robust congressional oversight of the CFPB's activities. The Senate Committee on Banking, Housing and Urban Affairs has scheduled a January 31 hearing with Director Cordray, and as CFPB gears up its supervisory, examination and enforcement actions, it is likely the Director Cordray and his Deputies will receive frequent invitations to testify.