cfpb 01Republicans accuse CFPB of dawdling on Wells Fargo probe


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WASHINGTON — Republican lawmakers escalated their accusations that the Consumer Financial Protection Bureau was slow to start investigating allegedly fraudulent sales practices at Well Fargo & Co., saying the agency joined in well after other regulators.

The GOP criticism came during CFPB Director Richard Cordray’s appearance at a House panel hearing on Wednesday, his first congressional testimony since the Republican victory in the November election. Republican lawmakers have been looking into ways to pare back the power of the agency created under the Obama administration, including the removal of Cordray.

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