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.
Full report is here.
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