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CFPB Director Cordray to Testify In Full Senate Banking Committee Hearing July 15

SenateConsumer Financial Protection Bureau (CFPB) Director Richard Cordray is scheduled to testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Wednesday, July 15, according to an announcement on the Senate Banking Committee's website.

The full committee hearing, titled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress,” begins at 10 a.m. Eastern time on July 15.

Senator Richard Shelby (R-Alabama), chairman of the Senate Banking Committee, has been one of the CFPB's most outspoken critics over the last four years since the Bureau's formation. Like many Republicans, his criticisms of the Bureau revolve around the fact that the CFPB is not accountable to Congress and is run by a single director rather than a board despite the fact that it is funded by the Federal Reserve.

In the last couple of weeks, the CFPB has been under fire for alleged discrimination against its employees and subsequent retaliation against the whistleblowers. Two of the whistleblowers testified last week in a subcommittee hearing in the House Financial Services Committee of the illegal discrimination and retaliation by the CFPB against employees.

CFPB has also been under pressure from lawmakers and stakeholders in the mortgage industry to delay the effective date of the Know Before You Owe Mortgage Rule, also known as the TILA-RESPA Integrated Disclosure (TRID) Rule. Last week, the Bureau announced a proposed amendment that would delay implementation of TRID until Saturday, October 3, due to an "administrative error." The CFPB is taking public comments on the proposal until July 7.

The July 15 hearing can be viewed live by clicking here. Testimony and archived video can be accessed by clicking here.

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.

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