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.

About the author

Phil Hall

Link copied

Published

Nov 30, 2017

Analysis and Data

Gen Z Would Trade ZIP Codes Before Taking On A Bigger Mortgage

Only 19% would stretch their housing budget, signaling that the next generation of buyers may expect originators to search across markets — not merely across loan products

Gen Z still wants to buy homes. But many would sooner change cities than take on a larger monthly payment.Nearly two-thirds of Gen Z respondents, 63%, said they would relocate to another city or state to afford a home, while only 19% would increase their housing budget, acco...

Non-QM

Friday Harbor Brings AI Pre-Underwriting To Complex Non-QM Loans

Platform calculates bank-statement income and evaluates complex files against investor-specific guidelines before formal underwriting

Friday Harbor is expanding its AI pre-underwriting platform to bank-statement and certain jumbo loans, addressing a growing operational problem for lenders: determining whether increasingly common complex loans work before they consume underwriting resources.The Seattle-base...

Sep

San Francisco, CA

More from

Regulation and Compliance

CHLA Uses Trump Mortgage Order To Renew Push For LO Comp Reform

Community lenders want more flexibility over employee compensation, closing-cost estimates, down payment assistance, and federal supervision of smaller IMBs

Regulation and Compliance

Aug 10, 2026

Servicers Begin Testing Systems Ahead of VA Partial Claim Deadline

VA lenders and servicers have until Nov. 28 to implement the new loss mitigation waterfall and Partial Claim Program

Regulation and Compliance

Aug 06, 2026

ROAD Act’s Housing Incentive May Be Too Small To Move Supply

Realtor.com finds the median city risks losing only about $84,000, although the policy could carry more weight in supply-starved Northeast and Midwest markets

Regulation and Compliance

Aug 05, 2026

CRA Proposal Could Reshape Bank Lending And Affordable Housing Investment

The OCC and FDIC would put more weight on lending while easing community development requirements for hundreds of banks

Regulation and Compliance

Aug 05, 2026

Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place

Regulation and Compliance

Jul 31, 2026

Condo Review Deadline Puts Lenders On The Clock

Fannie Mae and Freddie Mac will eliminate abbreviated project reviews for condo applications dated on or after Aug. 3