House Subcommittee Presses CFPB on White House Ties

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On July 2, the Chairman of a House Oversight and Government Reform Subcommittee, Representative McHenry (R-NC), sent a letter to CFPB Director Richard Cordray seeking information and documents regarding the CFPB’s contacts with the executive branch. As an independent federal agency, the letter explains, the CFPB should operate “free from executive control.” The letter catalogues meetings and other interactions between CFPB staff and executive branch personnel that Mr. McHenry believes “raise concerns about the [CFPB’s] commitment to regulatory independence.” Representative McHenry asks that the CFPB produce documents and information in response to a series of questions by July 16, 2012. For example, the letter seeks (i) information about requested or suggested actions originating from the Executive Office of the President (EOP), (ii) CFPB internal guidelines and procedures to ensure independence from the executive branch, and (iii) all documents and communications between the CFPB and any employee of the EOP.