CFPB’s Cordray Mum About Possible Exit for Political Office

By Rob Tricchinelli

Consumer Financial Protection Bureau Director Richard Cordray is keeping quiet about his possible exit from the agency before his term ends next year.

“At this time, I have no further insights to provide on that subject,” Cordray said in an Aug. 30 letter to House Financial Services Committee Jeb Hensarling (R-Texas).

Hensarling has repeatedly asked Cordray to confirm or deny news reports that the CFPB director intends to resign his post as early as this week and run for governor of Ohio.

“I am disappointed by Director Cordray’s steadfast refusal to be transparent with the public about his intentions,” Hensarling told Bloomberg BNA through a spokesman. “Only Richard Cordray can clear the legal cloud now hanging over the CFPB, and it is a shame that he will not do so,” he added.

Small-Dollar Rule

Hensarling’s most recent letter, dated Aug. 28, also questioned whether the bureau was rushing to complete a final rule on small-dollar lending before Cordray’s possible departure.

Cordray told Hensarling that his personal politics aren’t a factor in the bureau’s ongoing work on a small-dollar lending rule that could be adopted soon. He said all records related to rulemaking will be preserved.

“I categorically deny that political considerations have informed any aspect of my decisions, orders, and communications” related to the rule, Cordray’s letter said.

To contact the reporter on this story: Rob Tricchinelli in Washington at rtricchinelli@bna.com

To contact the editor responsible for this story: Michael Ferullo at MFerullo@bna.com

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