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DEMOCRATS DEFEND CFPB CHIEF AS REPUBLICANS CALL FOR HIS DISMISSAL - AMERICAN BANKRUPTCY INSTITUTE

Key congressional Democrats are pushing back at GOP lawmakers who are calling for Consumer Financial Protection Bureau Director Richard Cordray to be fired, MorningConsult.com reported today. Rep. Maxine Waters (Calif.), the top Democrat on the House Financial Services Committee, and 20 Democratic panel members sent a letter yesterday to President-elect Donald Trump a day after Sens. Ben Sasse (R-Neb.) and Mike Lee (R-Utah) called on the incoming administration to dismiss Cordray. Separately, Senate Banking Committee ranking member Sherrod Brown (D-Ohio) issued a statement yesterday defending Cordray’s leadership at the CFPB, which was established by the 2010 Dodd-Frank financial law. Conservative organizations such as the Heritage Foundation have called for the CFPB to be abolished, an idea that’s supported by lawmakers like Sen. Ted Cruz (R-Texas). Brown said that during Cordray’s tenure the agency has returned $12 billion to Americans who have been “ripped off by shady debt collectors, for-profit schools, payday lenders, and huge banks like Wells Fargo.”

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