Posts Tagged ‘CFPB Director’
On April 17, 2017, Politico reported that top White House economic aide, Gary Cohn, recently met with CFPB Director Richard Cordray and delivered an ultimatum: Resign or face removal by President Trump.
According to the article, Cohn “had heard the rumors that Director Cordray wanted to run for governor in Ohio.” According to people familiar with the meeting, Cohn left the dinner thinking that those rumors were accurate. As a result, the White House opted to delay efforts to fire Cordray because the Trump Administration feared that ousting Cordray might “cause a sensation that could boost his candidacy and juice his fundraising.”
When the Consumer Financial Protection Bureau (CFPB) filed its notice of charges against New Jersey-based mortgage lender, PHH Corp. in January 2014, there were few observers outside of the mortgage and real estate industries who paid much attention. Now, more than three years later, the legal battle has evolved into a constitutional challenge that the CFPB has suggested may be “the most important separation-of-powers case in a generation.” PHH’s case against the controversial federal consumer watchdog has captured the attention of not only the financial services industry, but lawmakers, state attorneys general, legal scholars, consumer advocacy groups and many consumers themselves.
CFPB Director Richard Cordray has not made a habit of participating in in-depth interviews very often. Recently however, Director Cordray finally shared some thoughts about his role as the head of the CFPB and the future of the agency during an interview with CNBC’s chief Washington correspondent John Harwood.
The conversation focused primarily on the recent change in political winds in Washington and Cordray’s perspective on the CFPB’s role in holding financial institutions accountable while protecting consumers.
On Tuesday, President Donald Trump delivered his first speech to Congress. Not surprisingly, the President devoted a significant portion of the address to setting down clear principles for the repeal and replacement of the Affordable Care Act, restating his mission to provide tax relief for the middle class, reforming the country’s immigration system, and rebuilding the nation’s military and infrastructure.
Conspicuously absent from the President’s address was any mention of Wall Street, the Dodd-Frank Act or the CFPB.