This story appeared in Bank Digest.
The willingness of the Consumer Financial Protection Bureau to discuss its activities with Congress was stressed by Director Richard Cordray when he delivered the bureau's semi-annual report to the House Financial Service Committee. Cordray told the committee that the CFPB's objective was to make sure that consumers had the information they needed to make their own financial decisions, not to make decisions for consumers. “But it is the American way for responsible businesses to be straightforward and upfront with their customers, giving them all the information they need to make informed decisions. That is good for honest businesses and good for the overall economy,” Cordray said. Ensuring that banks and nonbanks are subject to comparable regulation also was cited as a key objective of the bureau.