auto dealer in black and red logo
MenuMENU
SearchSEARCH

CFPB is ‘Least Accountable’ Federal Agency, Lawmaker Charges

Rep. Jeb Hensarling, on behalf of the House Financial Services Committee, released a video Monday calling on the CFPB to make its advisory council meetings open to the public.

March 20, 2014
CFPB is ‘Least Accountable’ Federal Agency, Lawmaker Charges

 

2 min to read


WASHINGTON — In honor of Sunshine Week, a nationwide initiative to promote government transparency, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) issued a statement that called on the Consumer Financial Protection Bureau (CFPB) to be more open about its activities.

Earlier this month, the congressman challenged the bureau to disclose information about its employment practices after reports surfaced about possible racial disparities regarding the bureau’s internal management practices. He’s also been critical of the agency’s investigation of auto lending.

“Although the CFPB touts itself as a model of transparency, it actually shuts out the press, members of Congress, and most importantly, the American people from the meetings of its advisory council,” Hensarling said in a written and video statement.

Hensarling cited a Bipartisan Policy Council study issued this past September. It recommended the bureau use a more public and transparent process. “In general, when the CFPB has used not only its own research, but also an open process that enables broad and deep input, the quality of decision-making has been good,” the report stated. “… However, when the bureau has used a closed-door process to issue guidance and has not broadly gathered input from stakeholders, quality has suffered.”

The bureau became embroiled in controversy this month after an article published by the American Banker revealed that several of the bureau’s employees have filed formal discrimination claims and that fewer than half of bureau employees said they believed that promotions and pay raises are based on merit, among other findings. Hensarling and fellow Congress members Rep. Shelley Moore Capito (R-W.Va.) and Rep. Patrick McHenry (R-N.C.) sent a letter on March 6 to CFPB Director Richard Cordray. It requested information on the bureau’s employee records.

On March 7, the House Financial Services Committee issued a letter, signed by Hensarling, to Cordray. It demanded information related to the bureau’s investigation of auto finance. The letter asked Cordray to provide details on the CFPB’s methodology for determining the presence of discrimination in auto lending. It also requested specific material related to its $98 million settlement with Ally Financial by March 13.

So far, both of the requests have gone unfulfilled.

“On its website, the CFPB claims ‘Transparency is at the core of our agenda. You deserve to know what the new bureau is doing for the American public and how we are doing it.’ But clearly, this is not the case,” Hensarling concluded in a video posted on March 17 to the House Financial Services Committee’s YouTube channel.

“The CFPB is arguably the most powerful and least accountable agency in all of the federal government.”

Originally posted on F&I and Showroom

More Dealer Ops

two cars on a billboard, No Hidden Fees
ComplianceMay 1, 2026

Dealer Ads and the FTC

The agency has made it clear in recent enforcement actions and warnings, in auto retail and other industries, that advertised prices must include all nonoptional costs to the consumer.

Read More →
Closeup of white car's headlight, front end
Dealer Opsby Hannah MitchellApril 17, 2026

Used Autos Supply Dwindles

The March shopping surge, despite high prices, cut into inventory by the most since the thick of the pandemic, Cox Automotive analysts calculated.

Read More →
hands making protective frame over red car, Risk Reality Check, Be Proactive, Auto Dealer Today logo
Dealer OpsApril 1, 2026

Managing Risk Effectively Through Changing Times

The variables influencing risk pricing have changed significantly over the past five years. Being proactive and responsive to emerging trends is not optional but essential.

Read More →
Ad Loading...
Car key, stacks of coins, and a paper car cutout with AutoPayPlus logo, representing auto financing, loan terms, and vehicle affordability trends.
Dealer Opsby StaffMarch 31, 2026

Survey Reveals What Won't Fix What's Breaking Car Sales

AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.

Read More →
Headshots of two male executives
Dealer Opsby StaffMarch 24, 2026

IA American Appoints Two Execs

Senior vice presidents of the company's agent and dealer channels chosen to support general agents and help auto dealers with sales and performance.

Read More →
Dealer Opsby StaffSeptember 8, 2025

Cox Automotive Acquires Inspection Firm

Full ownership of Alliance Inspection Management, or AiM, meant to unlock growth for Manheim inspection capabilities

Read More →
Ad Loading...
Dealer Opsby StaffAugust 26, 2025

Assurant Expands Partnership With Holman

Extended collaboration delivers training, products and performance development to 30 newly acquired Holman dealerships

Read More →
Dealer Opsby Hannah MitchellAugust 26, 2025

Franchises, Throughput Down in First Half

A handful of states see franchise growth through June, while EV sales per store boost overall business in U.S.

Read More →
Dealer OpsAugust 25, 2025

How to Build a High-Performance Sales and F&I Team

Performance and profits start with people chosen and led the right way.

Read More →
Ad Loading...
Dealer Opsby Hannah MitchellAugust 19, 2025

Buy-Sells Up in Q2

Kerrigan metrics show there’s plenty of demand, though many sellers are waiting to pull the trigger.

Read More →