House GOP: Cordray ‘Wholly Unresponsive’ On CFPB Budget Questions

Posted by Orb Staff on May 04, 2012 No Comments
Categories : Residential Mortgage

11477_220px-richard_cordray House GOP: Cordray 'Wholly Unresponsive' On CFPB Budget Questions The Republican leadership of the House Financial Services Committee has sent a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray requesting a detailed accounting of the agency's budgetary documents.

TheHill.com reports that the committee members wrote that Cordray was being ‘wholly unresponsive’ to their earlier requests for the CFPB's budgetary information and said the CFPB's previously submitted budget justification report for fiscal year 2013 was ‘unnecessarily vague.’ The CFPB receives its funding from the Federal Reserve, but the committee members insisted they had an interest in seeing how the CFPB spends its funds.

‘Every dollar the Fed sends to the CFPB is one less dollar than can be used toward deficit reduction,’ the committee members wrote. ‘It is therefore imperative we monitor CFPB's budget to ensure the bureau is, in fact, being held accountable.’

The letter was signed by Reps. Randy Neugebauer of Texas, Mike Fitzpatrick of Pennsylvania and Jim Renacci of Ohio. A CFPB spokesperson responded to the committee's letter by saying the bureau would be ‘as responsive as possible to this and every request we receive from Congress.’

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