Skip to main content

In Labor Day Speech, Cordray Still Avoids Revealing Political Plans

Phil Hall
Sep 05, 2017
Richard Cordray, who rarely acknowledged criticism of his leadership skills when he was Director of the Consumer Financial Protection Bureau (CFPB), launched into an epic Twitter rant

In one of the closest watched speeches delivered over the Labor Day holiday, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray spoke the language of a liberal political candidate without formally announcing he was running for office.
 
At yesterday’s AFL-CIO Labor Day Picnic in Cincinnati, Cordray noted that he previously addressed the event when he served as Ohio’s Treasurer and Attorney General, and highlighted his work since taking the reins at the CFPB in 2011—which he framed as an unqualified success.
 
“My great colleagues and I have faced some difficult tasks over these years, but we just went right ahead and carried them out,” Cordray said. “So, we built a brand-new federal agency from scratch. We designed and imposed reforms to fix the mortgage market that had wrecked the economy. And we sent a strong message to banks and large financial companies that in a frank and fair way, the Consumer Bureau would be pushing them to clean up their act and put their customers first. That has been hard work. It has been good work. And, above all, it has been enormously satisfying and important work.”
 
Cordray’s speech also touched on an us-versus-them aspect that positioned the private sector as an enemy to working Americans. “Have you ever been treated unfairly by a large, often faceless, company?” he asked, before spelling out cases of income and wealth inequality that he claimed was exacerbated by the private sector—with the CFPB as the champion of the general public. “If we do not push back on the forces that press people down, we are allowing America’s promises to go unfulfilled,” he proclaimed, adding a quote from Martin Luther King Jr. equating economic rights with civil rights.
 
What was left unsaid, however, was whether Cordray planned to leave the CFPB ahead of the July 2018 expiration of his term to run for governor of Ohio next year. Cordray swatted off a specific request for an answer from Rep. Jeb Hensarling (R-TX), the chairman of the House Financial Services Committee, and has refused to comment publicly on his future goals. 

 
Published
Sep 05, 2017
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021