A democrat has spoken regarding the punches that GOP (Republicans) has been throwing at the Consumer Financial Protection Bureau (CFPB). Maxine Waters, a democrat and California Representative, commented, "Republicans have turned the CFPB into a political punching bag, attempting to undermine its work at every turn."
The Republican lawmakers threw flames at Richard Cordray, director of CFBP, arguing that director is going overboard overseeing area such as payday loans, mandatory arbitration clauses and discrimination in the auto market, New York Times wrote.
Republican Jeb Hensarling of Texas has labeled Cordray as a dictator groomed by the congress. Hensarling is the chairman of the House Financial Services Committee. Hensarling further added that the director "is not a particularly benevolent one" when it comes to the liberty of American consumers.
Hensarling also said that, "the CFPB undoubtedly remains the single most powerful and least accountable federal agency in all of Washington."
One of the punches that the Republicans threw was an attack on the bureau's proposal of imposing federal standards on the Payday loans market. New York Times reported that Texas Representative Randy Neugebauer said, "At issue are roughly 38 states that allow these products to be offered in some form and the federal pre-emption that will occur if your rule goes forward as outlined."
CFPB also hovered on the use of mandatory arbitration clauses. The agency's act to limit the use of the clauses can prohibit consumers from joining class-action lawsuits. The bureau is also being critiqued by the Republicans on the unveiling of discrimination in auto lending. According to a related report, the bureau's methods that determine discrimination cases are being put to the test.
The Republicans have already been hard on the CFPB even during the nomination of Richard Cordray as director of the bureau by democrat U.S. President Barack Obama. In fact, according to an article written by Jeff Sovern on USA Today, the Republicans have caused two years delay on the confirmation of Cordray as head of the bureau.
Due to the delay, Nevada Democrat Harry Reid, on 2013, said that the democrats would change the rules to keep the republicans from hampering the executive appointments of U.S. President Obama.
It is important to note that the Republicans have also proposed a legislation that would change the single leadership of the CFPB to a five-member commission. However, Sovern of USA today, pointed out that such process could take couple of years if the delays on Cordray's confirmation is taken into consideration.
