Richard Cordray, director of the CFPB, faced Republicans in Congress on Tuesday night as part of a House subcommittee on financial services oversight hearing.
"The hearing was largely substantive and respectful," writes American Banker’s Rob Blackwell. Subcommittee chair Rep. Patrick McHenry went "out of his way to praise him for his cooperation."
"Your actions serving in this position have been honorable, even if at times I've disagreed with the actions you've taken," said McHenry to Cordray.
This scene is contrast to what "unfolded in May 2011, when McHenry accused Elizabeth Warren, who was then setting up the consumer bureau, of essentially lying about the agreed-upon terms of her appearance," Blackwell observes.
"Can people overreact, and can they potentially compound the problem? I think that is always a possibility," Cordray said when asked if a regulatory pendulum had swung too far and was hurting the availability of credit. "So we need to be careful about what we are doing."
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