On February 7, Rep. Maxine Waters (D-CA) and Rep. Al Green (D-TX) submitted a request for documents to the Consumer Financial Protection Bureau (CFPB or Bureau) related to recent settlements the Bureau entered with certain financial services companies. This request was included in a three-page long letter to the Bureau’s Director Kathy Kraninger.
The letter opens with:
The Consumer Financial Protection Bureau ("Consumer Bureau") has recently announced several settlements against entities for engaging in unlawful practices without requiring the payment of redress to consumers harmed by the illegal conduct. This stands in stark contrast to the Consumer Bureau's practice under the leadership of former Director Cordray. During Director Cordray's tenure, the Consumer Bureau recovered nearly $12 billion in relief for harmed consumers over its first six years. American consumers deserve a Consumer Bureau that will fight to recover their hard-earned money when they are cheated.
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