Cordray Evades Question on His Political Future

Aug 31, 2017

Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB) and, arguably, the most powerful and polarizing federal regulator in D.C., has announced that he is leaving his job eight months before the end of his term

The speculation on whether Richard Cordray will remain as the director of the Consumer Financial Protection Bureau (CFPB) or quit to run for governor of Ohio was intensified by Cordray’s refusal to offer a direct answer on the subject.

According to a Reuters report, Rep. Jeb Hensarling (R-TX), the chairman of the House Financial Services Committee, sent Cordray a letter earlier this week demanding to know whether he would fulfill his CFPB term, which expires in July 2018, or whether he would leave Washington and return to state politics in Ohio, which has been the subject of media and political speculation. Cordray responded with a vague and evasive letter to Hensarling that said, “You ask whether I intend to serve my full statutory term. At this time, I have no further insights to provide on that subject.”

Hensarling publicly responded with displeasure at Cordray’s response. “I am disappointed by Director Cordray’s steadfast refusal to be transparent with the public about his intentions,” he said. “If he intends to serve his full term, there is no reason not to say so. The only reasonable conclusion is that he therefore harbors partisan political ambitions, which calls into question the propriety of all of his recent and future actions as CFPB Director.”

About the author

Phil Hall

Link copied

Published

Aug 31, 2017

Analysis and Data

MBA White Paper Challenges Long-Held Housing Shortage Narrative

Economists warn slower household formation and rising inventory could reshape home prices, purchase demand, and mortgage origination opportunities over the next decade

Economists warn slower household formation and rising inventory could reshape home prices, purchase demand, and mortgage origination opportunities over the next decade.A new white paper from the Mortgage Bankers Association suggests that assumption may not hold true for much...

Tech

Dovenmuehle Launches New Diagnostic Process To Streamline Servicing Transfers

Mortgage subservicer says early-stage assessment helps lenders identify operational risks, improve onboarding efficiency, and reduce transfer-related delays

Dovenmuehle Mortgage, Inc. (DMI) is introducing a new onboarding framework designed to help lenders uncover potential servicing transfer challenges before implementation begins.The mortgage subservicer announced the launch of its Diagnostic Process, a structured assessment a...

Sep

Dallas, TX

More from

Regulation and Compliance

Senate Passes 21st Century ROAD To Housing Act In 85-5 Vote

Sweeping housing package heads back to House after Senate clears final version with broad bipartisan support

Regulation and Compliance

Jun 23, 2026

MISMO Updates Business Glossary To Support AI, eMortgages

New definitions covering eHELOCs, remote online notarization, valuation modernization, and compliance initiatives aim to improve consistency

Regulation and Compliance

Jun 17, 2026

Underwriters Don’t Slow Down Loans. They Eliminate Uncertainty.

ndustry’s biggest bottleneck is not underwriting itself — it is the uncertainty that reaches underwriting too late in the process. When validation happens upstream, speed follows naturally.

Regulation and Compliance

Jun 16, 2026

MISMO Launches AI Governance Framework For Mortgage Lenders

New FRAME toolkit gives lenders, servicers, and technology providers a roadmap for managing AI risk while supporting innovation

Regulation and Compliance

Jun 11, 2026

CFPB Tells Lenders Immigration Status Can Factor Into ATR Analysis

CFPB frames immigration status as a potential ability-to-repay factor when future U.S.-based income is at risk

Regulation and Compliance

Jun 10, 2026

UAD 3.6 Deadline Nears; First American Earns Verification

First American's ACI Sky Workbench gains verification ahead of the Nov. 2 implementation date for the GSEs' updated appraisal reporting requirements