Tomorrow, CFPB Director Richard Cordray will be testifying before the House Financial Services Committee where he is expected to deliver the Bureau’s Semi-Annual Report. Just a teaser from his prepared testimony on the Bureau’s perspective on financial institutions being “straightforward and upfront with their customers”:
“So another key objective is making sure that both banks and their nonbank competitors receive the evenhanded oversight necessary to promote a fair and open marketplace. Our supervisors will be going on-site to examine their books, ask tough questions, and fix the problems we uncover. Under the laws enacted by Congress, and with a director now in place, we have the ability to make sure this is true across all financial products and services.”
