FI showroom red and grey 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.

Ad Loading...

“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.

Ad Loading...

“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.”

More F&I

Photo of notepad and pen next to computer keyboard on desktop
F&IApril 13, 2026

Control in Sales Is an Illusion

Some of it should be given to the customer, but that doesn’t mean the F&I office relinquishes the process. In fact, a different approach both builds trust and boosts sales.

Read More →
Photo of external keyboard on office deak next to window
F&IApril 7, 2026

The Limited Warranty Game

Bringing it in-house benefits the dealership and its customers.

Read More →
Woman in casual clothing sitting at a desk
F&Iby Rick McCormickMarch 31, 2026

Curb The Confusion

Talk to F&I customers like you’d talk to a friend, without industry lingo or sales-like questions, and use hard proof to show, not tell, them about a need.

Read More →
Ad Loading...
Photo of man's hand on laptop computer keyboard with blank screen
F&IMarch 16, 2026

There Is Always one More Product

Helping F&I customers understand complementary offerings is likely to lead to more sales, based on the success of a high-performing practitioner of the philosophy.

Read More →
REGISTER FOR EFI 2026
F&Iby Kate SpataforaMarch 16, 2026

EFI Conference Extends Early Bird Discount as Room Block Nears Capacity

Ethical F&I Manager's Conference will take place at The Cosmopolitan Las Vegas on April 13–15, 2026.

Read More →
Industryby StaffMarch 6, 2026

Explore the 12 Rules for an F&I Life at EFI

EFI 2026 will take place April 13–15 at The Cosmopolitan Las Vegas.

Read More →
Ad Loading...
F&IMarch 4, 2026

Creating Your Own Economy

In this video, Reese Dailey explains how effective follow-up drives better results across the dealership, including increased sales, higher F&I penetration, and stronger customer retention.

Read More →
Industryby StaffMarch 2, 2026

Prove You Can Do F&I at EFI

‘So You Think You Can Do F&I’ is a live role-play contest taking place at the 2026 Ethical F&I Managers Conference.

Read More →
Image of two human hands, one holding the word yes, the other the word no
F&Iby Hannah MitchellMarch 1, 2026

Expect Yes in the F&I Office

It may be human nature to back off when a customer seems to say no to a product or service. But experts say F&I managers should operate as though the answer will be the opposite.

Read More →
Ad Loading...
Industryby Lauren LawrenceFebruary 25, 2026

Report Finds Year-End F&I Strength

Deal volume ebbed and flowed throughout 2025, but product performance remained steady, according to automotive technology and data intelligence solutions provider StoneEagle.

Read More →