CFPB Director Richard Cordray passed up another chance to make his political intentions clear on Monday.
Speaking at an AFL-CIO Labor Day picnic in Cincinnati, Cordray did not address one of the most—if not the most—crucial issue facing the agency—whether Cordray will resign to run for the Democratic nomination for governor in the Buckeye State.
And when questioned afterward, he declined to comment on his intentions.
Cordray has been under increasing pressure to state whether he will complete his term, which ends next summer. House Financial Services Chairman Jeb Hensarling (R-Texas) and the Republican Governors Association have said that Cordray may be violating federal law if he is running, but simply has not announced it.
The CFPB is working on its most high profile set of rules—those governing the payday lending industry. The bureau is believed to be planning to release those final rules this month.
At the same time, the political clock in Ohio is ticking. The Ohio Democratic party has scheduled the first in a series of gubernatorial debates for Sept. 12.
In his speech Monday, Cordray touted the bureau's work on behalf of victims of financial abuse. And he said the agency's work has attempted to address economic inequality in the U.S.
“What I have learned from my time leading the Consumer Bureau is this: our willingness to stand up for what is right, regardless of the obstacles, can make a real difference,” he said, according to a text of his speech. “If we do not push back on the forces that press people down, we are allowing America's promises to go unfulfilled.”
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
