Hensarling: Consumer Financial Protection Bureau 'Rogue Agency'

A Republican lawmaker said Thursday the Consumer Financial Protection Bureau is a "rogue agency" and a "dictator" and needs to be changed.

Rep. Jeb Hensarling of Texas made the remark on CNBC's "Squawk on the Street."

"We have set up, basically, a dictator," Hensarling said. "Now, some would argue he's a benevolent dictator, but no person in America, particularly an unelected person, should have the power, unilaterally, to decide what credit cards should go in our wallet, whether or not we can have a mortgage, and whether or not, if we like our banker, we can keep her."

Hensarling is the House Financial Services chairman.

The Consumer Financial Protection Bureau opened for business in 2011 after the Dodd-Frank legislation was signed into law the year prior. Hensarling said his concerns come out of the fact there is no outside oversight of it.

"I'm not offended by having consumer financial protection in one agency, but not an agency that is unaccountable to the president, unaccountable to Congress, unaccountable to the courts, unaccountable to the American people," he said.

Two separate Republican bills from Sen. Ted Cruz and Rep. John Ratcliffe, both from Texas, that would eliminate the Consumer Financial Protection Bureau were introduced this week.

• Consumer Watchdog Targeted for Budget Cuts By Republican Lawmaker
• Richard Cordray Argues CFPB Has Important Work to Do