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Contact: Parker Poling 202-225-2576
McHenry Statement on Confirmation of Cordray as Director of CFPB




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Washington, Jul 16, 2013 - Congressman Patrick McHenry (NC-10), Chairman of the Financial Services Subcommittee on Oversight and Investigations, released the following statement on Richard Cordray's confirmation as the Director of the Consumer Financial Protection Bureau:

"More than a year and a half after President Obama deprived Congress of its duty to advise and consent, I can now officially congratulate Mr. Cordray for his confirmation as Director of the CFPB. With that said, Mr. Cordray’s confirmation does not change the fact that the Bureau’s structure remains deeply flawed and lacks genuine accountability to Congress and the American people. The recent revelation that the Bureau splurged $95 million of taxpayer money to renovate its DC office is just one of many examples. I will maintain rigorous oversight of the CFPB, and I expect that Director Cordray will work with Congress to implement reasonable reforms to the Bureau, bringing it into line with other regulators that oversee our economy and financial markets."

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