Tue, Aug 29, 2017
The Republican chairman of the House Financial Services Committee sent a strongly worded letter to CFPB Director Richard Cordray, asking him to clarify his future plans by committing to serve out his term, or indicate when he plans to resign. Hensarling requested a response by Wednesday. The warning comes as speculation increases about Cordray potentially running for Ohio governor, while the CFPB prepares to finalize a payday lending rule that was proposed last year.
In the letter, Hensarling writes that if Cordray is rushing the rule out the door to have it finished in time for an Ohio gubernatorial run, it would "undoubtedly" be subject to legal challenge.
Reports that Cordray may run for governor have been based on comments from friends. He is reportedly attending an AFL-CIO Labor Day picnic in Cincinnati and many are speculating that an announcement will be made at the event. To date, Cordray has not given any indication that he plans to run for governor.