ML-Implode News - GOP hammers case for firing CFPB chief

"For all of the harm caused to consumers, [Cordray] should be dismissed by the president," Hensarling said before Cordray testified to the committee. "Mr. Cordray, I'm surprised you are here.'' ... Democrats fiercely defended Cordray and the CFPB, citing the more than $12 billion the bureau won back for more than 29 million jilted Americans from bad financial deals.
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Republicans have proposed replacing Cordray with a bipartisan commission and subjecting the CFPB to the congressional appropriations process. That would give lawmakers more oversight of the agency and its priorities.

Hensarling cited a D.C. circuit court of appeals case ruling the bureau's structure unconstitutional. That case, PHH vs. CFPB, is currently under a temporary stay, though the Justice Department argued in a March brief that the ruling gives Trump power to fire Cordray.

Republicans spent the more than five hours of the hearing making the case for Cordray's dismissal. They argued that Cordray's CFPB routinely overstepped legal and jurisdictional boundaries and prized flashy, expensive fines over consumer freedom.

Multiple Republicans argued that the CFPB ignored signs of fraud at Wells Fargo before fining the bank more than $180 million last September for opening more than 2 million unauthorized accounts.

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GOP hammers case for firing CFPB chief