June 03, 2014

CFPB oversight hearing June 10 in Senate Banking

2014CFPBsemiannualJune 4, 2014 – The Senate Banking Committee is set to hear testimony from CFPB Director Richard Cordray on the bureau's semiannual report to Congress during a June 10 oversight hearing.

The semiannual report addresses CFPB's consumer protection activities, progress in implementing rules, the bureau's operating expenses and more. The report shows CFPB had spent $125.7 million through March 31 – the end of the second quarter of fiscal 2014 – for compensation and benefits for 1,365 employees. It says it spent a total of $297 million carrying out its statutory authorities.

NAFCU, in monitoring this hearing, will focus on any discussion related to transparency in CFPB operations, the bureau's handling of consumers' sensitive data and financial services complaints, and enforcement activities.