Political Quotes

“I want to thank my colleague, the gentleman from Florida (Mr. Crenshaw), for his great work on this important bill. Mr. Chairman, the amendment I am offering today is a simple and modest proposal. It ensures that the CFPB follows the statute of limitations established by Dodd-Frank during agency administrative proceedings. This amendment is a response to the CFPB blatantly ignoring the express statute of limitations in Dodd-Frank and the Real Estate Settlement Procedures Act, otherwise known as RESPA. {time} 1800 In January of 2014, CFPB launched an administrative proceeding against the PHH Corporation alleging a violation of RESPA. In the case, CFPB Director Richard Cordray claimed the express 3-year statute of limitations within Dodd-Frank did not apply to the CFPB's administrative proceedings process--deliberately ignoring the law. Using this unprecedented rationale, the CFPB retroactively imposed fines of $109 million against PHH Corporation for alleged violations dating back to 1995, meaning that the CFPB imposed fines for alleged violations that occurred 19 years after the statute of limitations had expired--again, 19 years past the express statute of limitations. These fines are illegal under Dodd-Frank, and they deny businessowners basic liability protections guaranteed to them under the statute of limitations. Without those protections, the CFPB could threaten litigation forever, handcuffing businesses' ability to create jobs in perpetuity.…”