A new report from the House Financial Services Committee staff accuses CFPB Director Richard Cordray of misleading Congress about the bureau’s probe of the unauthorized account creation scandal at Wells Fargo, rushing into a settlement without doing the requisite leg work, and agreeing to a paltry settlement when he could have slammed the company for at least $10 billion in fines. As a part of its investigation into the Wells Fargo fraudulent account scandal, the committee said it has obtained a crucial new document – the “Recommendation Memorandum” – that was presented to and approved by Cordray.“The Memorandum shows that the CFPB estimated that the bank was potentially liable for a statutory monetary penalty exceeding $10 billion,” said the committee. “This ...