House GOP probes consumer bureau’s ties to research firm
By Peter Schroeder, The Hill
October 01, 2013
House Republicans are questioning whether ties between the Consumer Financial Protection Bureau (CFPB) and a research firm it gave a $5 million contract to could pose a conflict of interest.
A pair of top GOP lawmakers are asking the CFPB to explain how the behavioral economics firm, ideas42, came to receive the contract, and also flesh out the relationship between the firm and the agency, which includes a firm co-founder who went on to found the CFPB’s Office of Research.
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and his oversight deputy, Rep. Patrick McHenry (R-N.C.), said in a letter sent last month to CFPB Director Richard Cordray that such “intertwined” relationships “casts doubt upon the independence of the CFPB.”
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