U.S. consumer financial watchdog's chief makes case for embattled agency June 1, 2017 Reuters, Lisa Lambert (May 31, 2017) Consumer Financial Protection Bureau (CFPB) Director Richard Cordray staunchly defended the bureau Wednesday, saying that it provides important protections for consumers. Without mentioning specifics, like the current court case against the bureau or an administration that views it with skepticism, Cordray argued at length for maintain the CFPB’s rulemaking authority, its enforcement powers, and its public complaint database. "Consumers want and need to have someone stand on their side to see that they are treated fairly. We seek to protect them against unfair surprises, frustrating runarounds, and bad deals that ruin their credit, cost them their homes, and saddle them with further problems," Cordray said. Republicans and industry trade associations have long criticized the agency for overstepping its bounds. The House of Representatives is poised to pass legislation next week that would eliminate the CFPB’s consumer complaint database, remove much of the authority on regulating “deceptive” practices, and make a number of other changes. The Trump Administration has argued against the agency, saying that its single-director structure is unconstitutional in a lawsuit involving mortgage company PHH that may reach the Supreme Court. Director Cordray also argued that the CFPB helps companies too. "They are protected by reasonable regulation and oversight against the worst excesses of unfair competition perpetrated by those who are willing to violate the law or cut corners to get an unfair edge in ways that harm consumers," he said.