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USCC on the Hill

posted July 13, 2015

The US Consumer Coalition (USCC) will actively monitor several Congressional hearings on Capitol Hill this week, particularly the testimony given by the Consumer Financial Protection Bureau’s (CFPB) Director Richard Cordray during a Senate Banking Committee hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”

Mr. Cordray will testify before the Senate Banking Committee on Wednesday, July 15, at 10:00 a.m. The hearing will focus on the Bureau’s regulatory and enforcement activities, monitoring of financial products, implementation of financial education programs, among other areas.

The US Consumer Coalition has been advocating for serious reforms at the CFPB to make the agency more accountable to the US Congress and the consumers it purports to protect.

In June 2015, USCC and Zogby Analytics released a survey that revealed widespread and bipartisan opposition to the CFPB’s bulk-data collection program of consumers’ financial records, its governing structure, and the Bureau’s alleged hostile work culture.

USCC will also monitor two House Financial Services Committee hearings entitled “Fed Oversight: Lack of Transparency and Accountability,” and “Monetary Policy and the State of the Economy,” featuring testimony from Federal Reserve Chairman Janet Yellen. The hearings are set for Tuesday, July 14th, at 10:00 a.m. and Wednesday, July 15th, at 10:00 a.m, respectively.