Cordray outlines CFPB’s work to subcommittees

Richard CordrayCFPB Director Richard Cordray met with members of the House Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs on Tuesday to discuss the CFPB's work.

Cordray testified in front of the subcommittee, laying out his personal goals for the agency as well as issues that the agency plans to correct.

Since the CFPB's launch, the agency has addressed many financial issues affecting the nation, Cordray said.

Earlier this month, the CFPB spearheaded the start-up of the first non-bank supervision program, established by the Dodd-Frank Act. Cordray said that the agency is currently at work on the Know Before You Owe program that launched in May.

Other projects include an initiative to streamline CFPB regulations, industry data collection from members of the armed forces and seniors, enhanced consumer protection via interagency coordination, and regulation enforcement.

Cordray also noted efforts to enhance the effectiveness of the agency, including versatile staffing and open discussions with industry stakeholders.

President Obama appointed Cordray to the position of director earlier this month. Since his appointment, Cordray has been active in fulfilling the agency's mission of consumer protection.

"Prior to the financial crisis, seven federal agencies had some responsibility for consumer financial protection, "Cordray said. "The Consumer Bureau is now directly and singularly responsible…for performing its consumer financial protection functions…to help ensure that financial markets work for American families."

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