Richard Cordray delivered the semi-annual report to Congress on the progress of the Consumer Financial Protection Bureau.
Director Cordray spoke to Committee members about mortgage rules, pre-paid credit cards and the CFPB's Web site.
The CFPB was created under the Dodd-Frank Wall Street and Consumer Protection Act of 2010. Cordray was appointed to head the bureau in January of 2012. This is only the second semi-annual report the bureau has ever issued.
He testified last week before the Senate Banking Committee and said, in part, that the bureau had received fewer credit card complaints than they were expecting. His original appointment was held up by Senate Republicans who were concerned with the powers of the role.
Rep. Spencer Bauchus (R-AL) chaired this hearing.