Prior to lawmakers heading out of the nation’s capital for their annual summer recess, Republicans on the House Financial Services Committee released a second staff report that could lay the groundwork for contempt-of-Congress charges to be brought against CFPB Director Richard Cordray. The GOP legal analysis asserts that Cordray has failed to satisfy subpoenas the committee issued for records related to the bureau’s controversial rule banning mandatory arbitration in most consumer financial services contracts. The rule does not address the use of such provisions in residential mortgages, which were banned by Congress in 2004. “Staff believes there is ample basis to proceed against Director Cordray for contempt of Congress due to his default” on his obligations under the congressional subpoenas ...