June 17, 2014

Cordray to testify, appropriations eyed today

June 18, 2014 – CFPB Director Richard Cordray will testify before the House Financial Services Committee this morning for the agency's "Semi-Annual Report" and before a subcommittee hearing in the afternoon continuing the investigation into discrimination at the agency.

The Subcommittee on Oversight and Investigations will hear testimony this afternoon from an examiner in CFPB's Division of Supervision, Enforcement and Fair Lending as well as a former quality monitor at its Office of Consumer Response, for a hearing titled "Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau, Part Three." The subcommittee's investigation into CFPB workplace issues was prompted by reports published in American Banker that cited a pattern of ranking white employees higher than minority employees, as well as accusations of a hostile work environment.

Also today, the House Judiciary Committee is set to mark up the "Search for and Cutting Regulations that are Unnecessarily Burdensome (SCRUB) Act." The SCRUB Act, introduced by Rep. Jason Smith, R-Mo., would establish a review process for regulations and identify those that should be repealed or amended to reduce unnecessary regulatory burdens throughout the government.

The House Appropriations Subcommittee on Financial Services and General Government will hold a hearing on fiscal 2015 appropriations, which include funding for, among other things, the Treasury Community Development Financial Institutions Fund and the NCUA Community Development Revolving Loan Fund.

The administration is requesting $1.07 million in CDRLF funding for technical assistance grants for low-income credit unions. All federally insured credit unions with NCUA's low-income designation are eligible to apply to both the CDFI Fund and the CDRLF for assistance.