Republicans threatened to boycott CFPB head Richard Cordray’s Senate testimony, but as it turns out, attendance at today’s meeting was actually pretty healthy.
Only about half of the Republicans on the Senate Banking Committee decided not to show. And according to HuffPo, NY Senator Chuck Schumer couldn’t help but make light of the situation:
“I can’t help but note the fact that we had a healthy attendance in committee this morning,” Sen. Chuck Schumer (D-N.Y.) said. “That strikes me as a good thing, but also an admission that continuing to hold this nomination hostage until we agree to gut the bureau that we just passed … means that my colleagues have dialed down some of their opposition.”
“Plans of a mass protest appear not to have gone over with many members,” Schumer added, suggesting the reason. “It’s a losing fight, politically, for them,” he said. “Many on the other side wisely don’t want to continue the fight because they know it’s on the wrong side of consumers … It makes no sense for senators to go AWOL on these consumer issues.”
As for what Cordray said at the meeting, he basically outlined what was in the Congressional Report the CFPB released on Monday. Here are a few of the important points:
- The CFPB is working on rules to require lenders to verify that borrowers actually have the income to pay back a loan
- The bureau is working the structure of their internal non-bank program
- As well as new mortgage servicing standards and restrictions on high loan costs
- And on creating loan originator compensation rules
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