Senator warns CFPB chief not to rewrite Dodd-Frank

A top Senate Republican signaled that lawmakers will be watching to ensure the CFPB doesn’t overstep the bounds of its authority to implement certain Dodd-Frank provisions as the agency deems best. Sen. Richard Shelby, R-Ala., quizzed CFPB Director Richard Cordray on the bureau’s plan to eliminate a Dodd-Frank mandated disclosure from the agency’s proposed mortgage forms during a recent hearing. Read on to learn about the tense exchange and what led Shelby to question whether the bureau may be attempting to rewrite Dodd-Frank.