House Republicans Blast CFPB Budget, Retention Rates

Law360, New York (June 18, 2013, 7:37 PM EDT) -- Republican members of a House finance committee Tuesday blasted a top Consumer Financial Protection Bureau official over what they called the agency's lack of accountability, excessive spending and poor retention rates, while committee Democrats criticized Republicans for stonewalling agency director Richard Cordray.

At a budget review hearing before the House Committee on Financial Services, member Republicans grilled CFPB Chief Financial Officer Stephen Agostini for the agency’s fiscal year 2012 spending, which included $134 million in salary and benefits and $12 million in travel costs, according to...
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