Barney Frank: There Is Not a ‘Single Example’ of Misbehavior By the CFPB

EXCERPT:

FRANK: "What you haven’t heard, and I fought very hard for this, is a single example that they give of misbehavior by that agency. They cannot give you a single horror story. You know, you have been in the business a long time. When you try to make change, you give examples of why change is needed. There is not a single example they have given of misbehavior by the Consumer Bureau and the reason is that anything they would bring up about Consumer Bureau would be overwhelmingly popular, whether it’s credit card abuse or overcharging people on the student loans. And that’s what’s here. I’ve been thinking about this more and talking about it all day. This is the key piece. Yes, it is true that Richard Cordray would be replaced if he'd stayed on in April. But people said, 'Is this a fight about a few months?' No. Here’s the deal. We wrote the statute to give it some Independence. We wrote the statute so that it could not be pulled apart by bank pressures. And it said that if there is a vacancy, there would be a vacancy after five years when the term expires and the president could fill it at that point but only if he appointed someone who was confirmed by the Senate. That’s the key."