Cordray, the CFPB, and Ohio Governor Ohio race

Bob Gorrell cartoon credit: ww: ff.org

If this report is confirmed, it’s a start. From Kemberlee Kaye at Legal Insurrection:

Richard Cordray, an Obama appointee and head of the Consumer Financial Protection Bureau (CFPB) announced to staff in an email Wednesday his plans to resign. While he’s yet to confirm his plans, there’s speculation Cordray will return home to run for Ohio’s governorship.

The CFPB functions as, “a regulator set up in response to the 2008 financial crisis to police mortgages, credit cards and other financial products,” and was the brainchild of Massachusetts Democrat Senator Elizabeth Warren.

Unlike other agencies, due to the unique circumstanced through which the CFPB was created (was part of Dodd-Frank in 2010), Cordray answered to no one. As the bureau’s director, Cordray controlled the budget (other federal entities are subject to Congressional budget allocation), and was subject to no term limits.

“We are long overdue for new leadership at the CFPB, a [rogue] agency that has done more [to] hurt consumers than help them. The extreme overregulation it imposes on our economy leads to higher costs and less access to financial products and services, particularly for Americans with lower incomes,” said House Financial Services Chairman Jeb Hensarling, a Republican from Texas.

“Overdue for new leadership at the CFPB” at the CFPB? Sen. Hensarling, wouldn’t it be better to eliminate the “rogue agency” altogether?

Full report is here.

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