Politico, November 16th, 2017: Cordray to resign from CFPB, clouding future of watchdog agency
Cordray’s departure kicks off a high-stakes scramble to secure the future of the CFPB, a powerful Washington regulator that has cheered consumers and angered businesses as well as Republicans, who have accused it of overreaching. The independent bureau is the only bank regulator not led by a Trump appointee.
“We need to appoint someone who has a proven track record of looking out for consumers,” said John Taylor, president of the National Community Reinvestment Coalition. “To do anything that would weaken it by appointing someone who is less committed than Richard Cordray was would be a disservice to consumers.”
Trump, never a Cordray fan, has been scouting for his replacement among the ranks of Republican attorneys general. But the partisan grip squeezing Washington, and the agency’s supercharged politics, mean that anyone chosen for the job will face a rocky, if not impossible, road to confirmation.
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