"Fundamental changes are needed." Three of the four experts asked to testify Tuesday argued that the CFPB's current operation is unconstitutional. One expert, Theodore Olson — who served as solicitor general under George W. Bush — is part of the legal team representing the mortgage lender PHH Corporation in an ongoing suit against the CFPB, which levied a $109 million penalty against the company for its role in a mortgage insurance kickback scheme. 'They don't want this cop on the beat' Dubbed the "centerpiece" of Dodd-Frank (which ushered in increased financial regulations after the Great Recession of 2008) by full committee ranking member Rep. Maxine Waters (D-Calif.) on Tuesday, the CFPB was designed with the "sole responsibility to protect consumers in the financial marketplace," said Pamela Banks, senior policy counsel at the Consumers Union, the nonprofit advocacy arm of Consumer Reports.