The House Financial Services Committee will not accept testimony from Consumer Financial Protection Bureau Director Richard Cordray on the agency's semi-annual, according to Rep. Jeb Hensarling, R-Texas. The chairman argues that Cordray was not legally appointed to the position.

"The court's unanimous ruling makes it clear that there is no legally-appointed director of the CFPB at this time," said Hensarling in a press release. "By law, the committee can receive this testimony only from a director who is appointed in accordance with the Constitution and the Dodd-Frank Act, which created the bureau."

"Hensarling is now arguing that the banking panel 'cannot legally accept testimony' from Cordray on the agency's semi-annual report to Congress because of the uncertainty over his position," writes American Banker's Victoria Finkle.

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