Cordray Prepares to Address Senators Today
CFPB Director Richard Cordray will speak before the Senate Committee on Banking, Housing and Urban Development later today in his fourth semi-annual report to the group of lawmakers. The hearing is set for 2:30 p.m. Eastern Time.
On the prepared remarks shared this morning, Cordray doesn’t get specific about much regarding auto loans, including the information discussed earlier this month in a letter from 22 senators about disparate impact claims.
Instead, Cordray focuses on defining again CFPB’s mission:
“Through our enforcement and supervisory actions, and together with our fellow regulators, our efforts so far will be putting more than $750 million back in the pockets of millions of consumers who fell victim to various violations of consumer financial protection laws.”
Cordray’s only mention of auto loans is related to a $6 million refund to U.S. servicemembers for “failure to properly disclose costs associated with repaying auto loans through the military allotments system and expensive auto loan add-on products sold to active-duty military.”
Check back to autofinancenews.net later today for information from the Q&A with Cordray.
