By Vicki Needham and Peter Schroeder - 09/11/13 10:15 PM EDT
While Cordray might be officially director of the agency now, that does not mean Republicans are any bigger fans of the bureau created by the Wall Street reform law, which they broadly opposed.
Cordray will provide the panel with details of what steps the agency took during the last six months of 2012 to better protect consumers.
The report also encompasses the bureau’s first enforcement actions, which were against credit card companies. The agency secured $425 million in relief for 6 million consumers.
In the second half of last year, the agency tackled issues in the private student loan market to ensure that the risky underwriting practices of the past are not repeated.
All told, the agency addressed more than 130,000 consumer complaints as of the end of last year.
A big step for the CFPB, which wrapped up early this year, was a new mortgage finance rule banning irresponsible lending practices and ensuring that borrowers get loans they can afford to pay back. That rule will go into effect in January 2014.
WHAT ELSE WE'RE WATCHING
Housing reform in focus: The Senate Banking Committee will revive the housing finance reform debate on Thursday. Lawmakers will chat about possible solutions to fix the mortgage finance market with several witnesses, including housing experts from the Center for American Progress and the head of SunTrust Mortgage.
Initial Claims: The Labor Department releases its weekly filings for jobless benefits.
Mortgage Rates: Freddie Mac is releasing weekly data on fixed-rate mortgages, which remain around historic lows.
Treasury Budget: The Treasury Department releases its August budget data, which is used mostly by the market for year-over-year changes in receipts and outlays.
Export Prices-Import Prices: The Commerce Department releases its August report tracking trends in exports and imports, with the export data worth watching for indications of how the global economy is faring. Imports provide an indication of domestic demand, but given the severe lag of this report relative to other consumption indicators, it is not particularly valuable.
WHAT YOU MIGHT HAVE MISSED
— House GOP to delay vote on government funding measure
— Baucus vows to move quick on IRS nominee
— Issa: SEC not playing by own data technology rules
— FDIC's Bair: Banks lobbying against stricter rules undermine the financial system
— Labor Department to delay controversial investment adviser rule
— All U.S. regions experience job creation
— Levin: Defense bill headed toward end-of-year ‘cliffhanger’
— Economists line up behind Yellen for Fed chief
— Ways and Means chairman: We’re picking up the pace on tax reform
— CEO departures remained elevated in August
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