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GOP Chairman Floats Contempt Charges For Consumer Bureau Chief - Bloomberg News

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) said Thursday he’s considering seeking contempt of Congress charges against the director of the Consumer Financial Protection Bureau (CFPB).  Hensarling said CFPB Director Richard Cordray has refused to turn over documents his panel requested for its investigation into Wells Fargo’s sales practices. A report from the Financial Services Committee’s Republican staff released Tuesday argued that Cordray’s refusal was grounds to pursue contempt of Congress charges. “It’s nothing personal against Mr. Cordray, but I’ve got a job to do,” Hensarling said at a briefing with reporters Thursday. “We will use whatever legal means necessary to get those documents.”  The CFPB fined Wells Fargo $100 million in September 2016 for opening and charging fees for more than 2 million bank and credit accounts for customers without their authorization.  The Office of the Comptroller of the Currency (OCC) and the City of Los Angeles were also involved in the investigation of practices first revealed by the Los Angeles Times in 2013. GOP lawmakers on the panel have argued that Cordray and the CFPB were “asleep at the wheel” and jumped into the investigation late to take credit.

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