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Cordray was elected Ohio Attorney General in November 2008 to
fill the remainder of the term ending in January 2011. In 2010, Cordray lost his
bid for reelection to former U.S. Senator
Mike
DeWine. He became Director of the CFPB via
recess appointment in July 2011 and was confirmed by the
Senate in 2013. Cordray left the agency in late 2017 to run for
governor of Ohio,[1]
an election he lost to DeWine.[2]
https://en.wikipedia.org/wiki/Richard_Cordray
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October 11:
PHH wins landmark victory: CFPB ruled
unconstitutional
Mortgage lender triumphs over CFPB in fight over $103 million fine
What was once
unthinkable actually happened, as the United States Court of Appeals for the
District of Columbia Circuit handed an earth-shattering victory to PHH,
declaring the Consumer Financial Protection Bureau’s leadership
structure unconstitutional and vacating a $103 million fine against PHH.
PHH, a mortgage lender, made national headlines when it challenged CFPB Director
Richard Cordray’s $103
million increase to a $6 million fine initially levied against PHH for
allegedly illegally referring consumers to mortgage insurers in exchange for
kickbacks.
January 24: CBC Warns Trump Against Removing
CFPB Director Richard Cordray
... members of the Congressional Black Caucus (CBC), led by
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on
Financial Services, and Congressman Cedric Richmond (D-LA), Chairman of the
Congressional Black Caucus, penned a letter to President Donald Trump, warning
him against removing Richard Cordray, Director of the Consumer Financial
Protection Bureau (CFPB), prior to the expiration of his term in July 2018.
In the letter, CBC Members reminded Trump that they will strongly oppose any
action towards removing Director Cordray, who has worked tirelessly to bring
enforcement actions against financial service firms that overcharged or
restricted access for minority borrowers.
“Director Cordray has done nothing to give the necessary cause for his removal
from office,” the CBC Members wrote. “Therefore, we would strongly oppose any
attempt by your Administration to remove Director Cordray before the expiration
of his term on July 15, 2018 and would view such an action as an illegitimate
abuse of power. Communities of color and, indeed, all consumers in America will
benefit from having Director Cordray remain in his position.”
November 3: Trump wants to sack consumer
protection chief but is afraid of turning him into hero for the left
An Oval Office bill signing attended by lawmakers and financial services
interest groups devolved into a venting session about Richard Cordray, the
embattled director of the Consumer Financial Protection Bureau, according to six
people in the room and two people briefed on the conversation.
The bill signed into law Wednesday rolls back a CFPB rule banning language in
financial services contracts that keeps customers from banding together in
class-action lawsuits. The undoing of the CFPB’s proposal, called the
“arbitration rule,” represents the latest usage by the White House and Congress
of their ability to reverse new regulations before they are put into practice.
https://www.cnbc.com/2017/11/03/trump-doesnt-want-to-let-cordray-be-a-martyr.html
November 15: Why Richard Cordray’s
retirement from the CFPB matters
The policy consequences are likely to be significant. With Cordray’s departure,
the Republican White House is all but certain to move the Consumer Financial
Protection Bureau in a far-right direction, to the delight of banking lobbyists.
Indeed, Trump has already made his perspective on these issues clear – such as
his decision to
quietly roll back consumer banking safeguards two weeks ago.
Trump, of course, has wanted to replace Cordray with someone who’d be far
friendlier with the financial industry and less aggressive on protecting
consumers, but under current law, the CFPB director “may be removed by the
president
only for ‘inefficiency, neglect of duty, or malfeasance in office.’”
November 24: Leandra English Named Deputy
Director of the Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) today announced that Leandra
English has been officially named deputy director of the agency. English, who
had been most recently serving as the agency’s chief of staff, has previously
held key leadership positions at the CFPB, the Office of Management and Budget,
and the Office of Personnel Management. David Silberman, who had been serving as
acting deputy director, will continue in his role as associate director of the
Research, Markets, and Regulations division.
“Leandra is a seasoned professional who has spent her career of public service
focused on promoting smooth and efficient operations. As deputy director, we
will continue to benefit from Leandra’s in-depth knowledge of the operational
needs of this agency and its staff,” said CFPB Director Richard Cordray.
January 31: A U.S. appeals court on
Wednesday upheld the structure of the U.S. Consumer Financial Protection Bureau,
determining it is constitutional to bar the president from firing its director
at will, even as the Trump administration works to weaken the regulator.
July 9: In early May, Richard Cordray was
wrapping up a two-day campaign sprint during which he spoke to crowds of
plumbers, pipefitters, ironworkers, teachers, firefighters, furniture workers,
and now, as dusk settled over a low-slung Cleveland union hall, a hundred or so
food and commercial workers. Cordray, who stepped down as head of the Consumer
Financial Protection Bureau last December, was making a last-minute pitch to
Ohio Democrats to choose him as their nominee for governor.
https://www.bloomberg.com/news/features/2018-07-09/richard-cordray-wants-to-help-democrats-win-back-the-rust-belt
October 13: Trump attacks Democrat in Ohio
governor's race
President Trump criticized Ohio gubernatorial candidate
Richard Cordray at a campaign rally in Ohio on Friday night, saying
that Cordray enjoyed hurting people as head of a consumer protection bureau in
Washington.
“He was hurting people and I think he enjoyed it,” Trump said of Cordray, the
first director of the Consumer Financial Protection Bureau (CFPB) that was set
up as part of the Wall Street reform bill passed by a Democratic Congress after
the 2008 financial collapse.
