Sept. 13, 2012 – The Consumer Financial Protection Bureau’s second semiannual report to the president and Congress will be the focus of CFPB Director Richard Cordray’s testimony today before the Senate Banking Committee.
This semiannual report, which was posted to the CFPB website earlier this summer, spans the agency’s activities this year from Jan. 1 through June 30. The report shows that CFPB staffing as of June 30 totaled 889, a number that includes about 230 positions transferred from other federal agencies. The CFPB had, by that date, spent $247 million in the 2012 fiscal year (which ends Sept. 30).
Cordray will also testify on the report Sept. 20 before the House Financial Services Committee, chaired by Rep. Spencer Bachus, R-Ala., who is speaking today at NAFCU’s 2012 Congressional Caucus.
Today’s legislative activity also includes a hearing by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit examining issues related to credit reporting agencies. This panel is chaired by Rep. Shelley Moore Capito, R-W.Va., who also speaks today to Caucus attendees.
In addition, the Capital Markets Subcommittee and the Oversight and Government Reform Subcommittee on TARP and Financial Services will hold a joint hearing on the implementation of the JOBS Act (Jumpstart Our Business Startups Act), which was signed into law April 5. The JOBS Act is comprised of six bills aimed at helping startup companies and entrepreneurs access capital and create jobs.