House Subcomimittee Raises Oversight and Accountability Concerns as to CFPB

The House of Representatives’ Oversight and Investigations Subcommittee highlighted the CFPB’s “radical” structure at a hearing where members expressed concern that the agency operates without basic oversight and accountability.  Subcommittee Chairman Patrick McHenry suggested that the CFPB director has little accountability to the Obama Administration and even less to Congress.

Areas of concern are: 

  • Money set aside for renovating CFPB headquarters;
  • CFPB money spent on travel by its employees;
  • CFPB exemption from OMB guidelines, rules, and regulations;
  • CFPB’s refusal to participate in the OPM employee viewpoint survey; and
  • The lack of accountability to both Congress and the administration for an agency run by a single director.

See: House Financial Services Committee Press ReleaseWebcast of Hearing; Committee Memorandum; Testimony by Stephen Agostini – Chief Financial Officer, Consumer Financial Protection Bureau.

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