House Democrats Ask CFPB for Documents Related to Recent Settlements

Feb 12, 2019Federal Regulation, Litigation, News

Democratic leadership in the House Financial Services Committee has sent a letter to the Consumer Financial Protection Bureau (CFPB) asking for documents related to recent settlements. The letter points out that several settlements have not required companies “that have violated the law to provide redress to consumers who have been harmed.”

The letter was signed by Maxine Waters (D-CA-43), chair of the House Financial Services Committee, and Al Green (D-TX-9), chair of the Subcommittee on Oversight and Investigations, and was addressed to Kathy Kraninger, director of the CFPB.

In the letter, Democrats specifically reference three companies that were found violating the law yet not required to provide redress to consumers: Sterling Jewelers, Enova International, and NDG Financial.

Representatives Waters and Green expressed their concern about how the CFPB was enforcing the Consumer Financial Protection Act, which “authorizes the [CFPB] to obtain relief for consumers, including the refund of money, restitution, or the payment of damages or other monetary relief.”

The letter ends by asking the CFPB for all documents and communications related to these settlements.

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