Wasting no time after returning from a two-week recess, the US Senate Committee on Banking, Housing, and Urban Affairs (the Committee) is holding two full committee hearings this week to discuss consumer financial services and the Consumer Financial Protection Bureau (CFPB).
On April 5, the Committee is holding the hearing “Assessing the Effects of Consumer Finance Regulations.” Based on available submitted testimony, the hearing will focus on the CFPB and the impact of its regulations and enforcement actions on consumer protection and the availability and cost of consumer financial products. The submitted testimony ranges from very supportive of the CFPB to highly critical.
Two days later, on April 7, CFPB Director Richard Cordray will be the sole witness for “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” The semi-annual report is always interesting and often contentious, as support and criticism of the CFPB and its performance continues to be a divisive issue on Capitol Hill. For those watching at home, keep an eye out in this hearing for Committee members referencing parts of the testimony given in the April 5 hearing.
Although committee hearings tend to produce interesting testimony from witnesses and some newsworthy sound bites from members of Congress, no consumer financial services legislation has been reported out of the Committee for consideration by the full Senate, and the Committee currently has no scheduled legislation markups.