House committee audits CFPB financial reporting, transparency

The Consumer Financial Protection Bureau (CFPB) has been no stranger to criticism since its inception. Lawmakers and industry insiders have noted the agency’s often unorthodox and, some would argue, unlawful approach to rulemaking, supervision and enforcement, as well as questions about the constitutionality of the bureau’s structure and financial reporting practices. Persistent concerns over the CFPB’s transparency and accountability expressed by congressional Republicans recently spurred the House Financial Services Committee's (FSC) Subcommittee on Financial Institutions and Monetary Policy to hold a hearing entitled, “Agency Audit: Reviewing CFPB Financial Reporting & Transparency.”