The U.S regulator of consumer financial products sparred with GOP legislators and highlighted how the Qualified Mortgage designation isn’t limited to borrowers with low debt-to-income ratios. Concern was raised about the QM impact on community banks.
Consumer Financial Protection Bureau Director Richard Cordray delivered the regulator’s semi-annual report Thursday to the House Committee on Financial Services.
Committee chairman Rep. Jeb Hensarling, a Republican from Texas, began his questioning by highlighting how the director’s staff members are “uniquely unresponsive to our inquiries.”
Hensarling referenced a July 9 House hearing where CFPB Deputy Director Steven Antonakes responded to many questions about data collection by promising accurate numbers later. Hensarling then proceeded to play an edited video that mocked the deputy’s repeated responses promising precise numbers later.
When pressed by the chairman about when the CFPB will be providing the responses, Cordray responded, “any day now.”
