The Perfect Coda for Cordray’s Tenure: Nullifying the Payday Lending Rule
By Norbert Michel, Director, Center for Data Analysis at The Heritage Foundation.
Richard Cordray, the first official director of the Consumer Financial Protection Bureau (CFPB), will step down at the end of November. That’s great news because now the Trump administration can insert its own director and implement its own policy agenda.
But reversing course at the Bureau will be a difficult task. For starters, it takes a long time to undo any formal federal rules. Perhaps more importantly, the CFPB is run by “entrenched left-wing managers” and “staffed with Democrats, top to bottom.”
Cordray helped create this built-in “resistance” at the CFPB, and he also made sure the Bureau finalized two controversial rules before his departure: the Arbitration Rule and the Payday Lending Rule.
*This commentary originally appeared in Forbes. Click here to read.