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Sen. Shelby Lashes Out Against CFPB's 'Strong-Arm Tactics'

Posted on 3/10/2011

Senate Banking Committee ranking member Richard Shelby (R-Ala.) yesterday accused the state attorneys general and the Obama administration of using "strong-arm tactics" against the large mortgage-servicers over their foreclosure practices, press reports said.

Shelby particularly focused on the new Consumer Financial Protection Bureau, which joined the attorneys general in proposing a court settlement that would require the servicers to improve efforts to modify the loans of borrowers facing foreclosure.

"Just last year I warned that the new Bureau of Consumer Financial Protection would prove to be an unaccountable and unbridled bureaucracy. I did not expect to be proven correct so quickly," he said at a committee hearing.

If the CFPB is successful in its "strong-arm tactics," Shelby said, the precedent could be used against any business.



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