CFPB Head Rebuffs House Attacks On $448M Budget

Law360, New York (February 15, 2012, 3:25 PM EST) -- Consumer Financial Protection Bureau Director Richard Cordray on Wednesday defended the bureau’s budget for the next two years, telling a House subcommittee that the funds it plans to request from the Federal Reserve are necessary to accomplish its goals.

Republicans on the House oversight and investigations subcommittee attacked the bureau’s ability to request money from the Federal Reserve without detailing how the money would be spent, and renewed long-standing concerns that the agency lacked accountability for its spending habits.

“The truth is [Cordray] could tell us...
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