While not much for substance, when the director of the Bureau of Consumer Financial Protection appears before the House Financial Services Committee is usually great theater. When Richard Cordray was the director of the agency, Republicans on the committee would batter Cordray with questions while Democrats took turns picking Cordray up and parading him as the Robin Hood of financial services, taking from the organizations who robbed consumers and giving those unfortunate victims their money back.
When Mick Mulvaney replaced Cordray, the rhetoric flipped and it was Democrats taking the shots while Republicans were acting as the shield.
Tuesday’s mid-term election results likely mean it’s time for the script to flip again, and Rep. Maxine Waters [D-Calif.], the likely individual who will be the next chair of the House Financial Services Committee, went on TV yesterday and started laying the groundwork for the theatrics that are to come when Mulvaney or his successor sit down before the committee.
Saying that the agency is “under attack,” Rep. Waters reiterated her interest in protecting consumers and her support of the bureau’s mission, as well as “successful” work done by the BCFP during Cordray’s tenure as director.
“I believe my responsibility is to continue to make sure we have fair banking systems and that people are not only treated fairly but that we get rid of any flaws in the system that causes people to lose their homes, for example,” Rep. Waters said during the interview. The BCFP “is under attack and has been under attack from Republicans and I want to do everything I can to undo some of the harm that Mr. Mulvaney has done.”
One area where companies in the ARM industry and Rep. Waters share some common ground is in the importance that small businesses have to the country’s economy. Many collection agencies are small businesses, and Rep. Waters stressed her belief in protecting those companies and giving them the resources they need to grow and thrive.
“I believe in small businesses,” Rep. Waters said. “I believe in creating opportunities for access to capital. We must strengthen small businesses. Small businesses create jobs.”