Consumer finance chief touts enforcement powers

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WASHINGTON (AP) ? The government’s new consumer finance watchdog is telling Congress that his agency is ready to sue companies that offer unfair or deceptive mortgages and credit cards.

Consumer Financial Protection Bureau Director Richard Cordray says in prepared testimony that his agency can investigate and bring enforcement actions against all types of financial companies now that it has a director in place.

Cordray is speaking to a Republican-controlled subcommittee of the House Oversight Committee. He faces questions about the bureau’s activities and the legitimacy of his recess appointment by President Barack Obama earlier this month.

Senate Republicans had refused to confirm Cordray because they opposed the creation of the agency. They demanded that it be placed under a bipartisan commission.