Amid reports that the CFPB is rushing to finish its payday lending rule so Director Richard Cordray can announce his candidacy for Ohio governor, House Financial Services Chairman Jeb Hensarling (R-Texas) is demanding that the director immediately make his future employment clear.
In a letter to Cordray on Tuesday, Hensarling asks Cordray to make clear whether he intends to complete his full term, which expires next summer, or make public the date he intends to leave office.
Various media outlets have reported that the agency has sped up the rulemaking process so Cordray can issue the final payday lending rule before he leaves.
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