Press Releases

Luetkemeyer, McHenry Send Letter to Chopra Regarding Contradictory Testimonies

Washington, June 27, 2022

WASHINGTON, D.C. –  Today, Congressman Blaine Luetkemeyer (MO-03), Ranking Member on the Consumer Protection and Financial Institutions Subcommittee and Congressman Patrick McHenry (NC-10), Ranking Member on the House Financial Services Committee sent a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra regarding his testimonies before the House Financial Services Committee and Senate Committee on Banking in April of 2022. The two testimonies were completely contradictory.

Read the full letter to Director Chopra HERE.

Read key excerpts from the letter:

“In April 2022, you appeared before the House Committee on Financial Services and Senate Committee on Banking to testify and present the Bureau’s semi-annual report to Congress. During those hearings, Republicans on both committees asked questions about the process by which you, Acting Comptroller of the Currency Michael Hsu, and then-Federal Deposit Insurance Corporation (FDIC) Director Martin Gruenberg wrested control of the FDIC’s agenda from former Chair Jelena McWilliams—an effort that began in earnest on or around October 13, 2021, when you joined the FDIC Board of Directors.

“Your testimony created the appearance that lawyers at the relevant agencies collectively analyzed the FDIC’s bylaws and endorsed the process by which you and the other directors co-opted the FDIC. They did not. In fact, according to information obtained by Financial Services Committee Republicans, lawyers at the Office of the Comptroller of the Currency (OCC) did not assist whatsoever. We are writing to provide an opportunity to clarify or amend your testimony and resolve the discrepancy between your statements to Congress and the facts.”

--

“Your testimony indicated that both the CFPB and the OCC were involved in analyzing the FDIC’s bylaws. You further advised us to 'ask the OCC,' and we did. In response to a letter from Committee Republicans, the Acting Comptroller stated 'OCC’s legal staff did not assist the CFPB with any drafting or review of an opinion or memo that analyzed the FDIC Board’s bylaws.' The OCC also represented there are no communications between the CFPB and OCC referring or relating to the memorandum in question.

“Congress relies upon truthful information to make informed decisions and to conduct effective oversight and, accordingly, federal law prohibits false statements to committees of Congress. In light of the discrepancy between the Acting Comptroller’s statement and your testimony, and because of the serious implications for providing false testimony, please clarify or amend your testimony as soon as possible…”