CFPB Official: Cordray Exit a “Political Stunt”

Nov 30, 2017

Richard Cordray, the first director of the Consumer Financial Protection Bureau (CFPB), is consulting with California Gov. Gavin Newsom on the creation of a state-level version of the federal regulatory agency

The chaos created in Richard Cordray’s departure from the Consumer Financial Protection Bureau (CFPB) was planned well in advance of his resignation last week, despite staff warnings of the problems it would create.

According a Business Insider report, a current CFPB official who requested anonymity stated that Cordray’s decision to include the appointment of Leandra English as his interim successor within his resignation generated concern within the agency.

"What the media doesn't know is that our Legal Department has been looking into this for a long, long time," the CFPB official said. "And they have already said and told the former Director that they believe the President has the authority to appoint an interim director in spite of the Dodd-Frank Act's language. So, the whole thing frankly is a political stunt and all of the people are actually quite angry because they think this is nothing but political."

Other CFPB officials stated that the senior leadership of the agency was “firmly behind” Mick Mulvaney, who was named by President Trump as Acting Director, adding that they "unanimously" decided to comply with the president's appointment. However, they acknowledged that the Mulvaney leadership will be vastly different from the Cordray approach.

"Nobody is under the illusion that the Bureau will stay the same," said an unnamed official. "Things will change. Mulvaney said very clearly to the Bureau staff that he will make changes."

Oddly, the CFPB Web site still maintains a press release announcing English as the Acting Director. English has not been seen at the CFPB headquarters this week and has made no public comment on a federal court’s decision to uphold the Mulvaney appointment.

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Phil Hall

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Nov 30, 2017

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