Hensarling questions CFPB director’s political plans
Long embattled Consumer Financial Protection Bureau director Richard Cordray is under fire again from House Financial Services Committee Chairman Jeb Hensarling (R-Texas). Hensarling, who has called for Cordray to be fired, wants to know about Cordray’s political ambitions and how that may influence his decisions regarding a CFPB rule regarding payday and car title loans.
In a letter this week, Hensarling asked about Cordray’s plans to leave the CFPB and suggested he “assure the public of the integrity” of the bureau’s rulemaking process, citing reports the director has sped the loan rule to be released before his rumored run for governor of Ohio.
As an executive branch employee, Cordray cannot engage in campaign activity until leaving the CFPB, according to an article in The Hill, which stated: “The CFPB has recently finalized or moved forward several rules affecting forced arbitration clauses, overdraft fee disclosure and payday and title loans. The recent glut of regulatory activity has driven speculation that Cordray is aiming to finish major CFPB rules before he leaves to campaign.”
Read the full article here.