The Senate Banking Committee today heard from CFPB Director Richard Cordray on the inaugural CFPB semi-annual report, with Republicans still focused on pointed questions on compliance costs and CFPB accountability. Ranking Member Shelby (R-AL) and Sen. Corker (R-TN) both predicted that the recess appointment of Mr. Cordray will ultimately be struck down by the Supreme Court. During the hearing, Mr. Cordray said that the nonbank large participant rule will be finalized by the summer and that he favors an amendment to the Dodd-Frank Act regarding privilege (presumably providing it as sought by large banking organizations). Chairman Johnson (D-SD) indicated that the Committee’s 2012 agenda will include a look at mobile payment instruments, perhaps leading Mr. Cordray to note that prepaid cards are on the CFPB’s agenda. Senate Banking will also continue its assessment of housing-finance reform, starting with a look at ways to increase REO dispositions. This report analyzes today’s session.
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