Banking

Acting CFPB director should come before House panel, McHenry says

WASHINGTON — The House Financial Services Committee’s top Republican wants the panel to review recent actions taken by the acting director of the Consumer Financial Protection Bureau.

“It is concerning the CFPB is conducting business as usual without a Senate-confirmed Director and without proper oversight,” Rep. Patrick McHenry, R-N.C., said of acting CFPB Director Dave Uejio in a July 15 letter to Financial Service Committee Chair Maxine Waters, D-Calif.

McHenry urged Waters to call acting CFPB Director Dave Uejio to testify about policies that the GOP lawmaker said would “traditionally be reserved for a Senate-confirmed Director.” Uejio was appointed just as President Joe Biden took office in January.

As acting director, Uejio has issued nine enforcement actions against financial institutions, rescinded Trump administration guidance on the CFPB’s policy for combatting “abusive” industry practices, and announced a number of initiatives to combat racial inequity.

“It is concerning the CFPB is conducting business as usual without a Senate-confirmed Director and without proper oversight,” Rep. Patrick McHenry, R-N.C., said of acting CFPB Director Dave Uejio.

Bloomberg News

McHenry’s letter comes as Biden’s nominee to serve as CFPB director, Federal Trade Commission member Rohit Chopra, awaits Senate confirmation.

Three key financial services regulators are currently being led by “acting” appointees. Analysts say that the acting leaders atop the CFPB, Office of the Comptroller of the Currency and the Federal Housing Finance Agency are still pushing Democratic priorities despite their interim status.

“Senate confirmation is an important Constitutional process that ensures the will of the American public is preserved and Presidential power is limited,” McHenry said.

McHenry’s request for a hearing with Uejio has received support from the banking industry.

“Members of Congress and the American people deserve the chance to hear directly from Acting Director Uejio about his philosophy on consumer protections laws in an open forum, much like Acting OCC Comptroller [Michael] Hsu did a few weeks ago,” Richard Hunt, president and CEO of the Consumer Bankers Association, said in a Twitter post.



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