Am Banker: Trump team signals it will oust CFPB’s Cordray

by Jeff Sovern

Here (behind paywall). Excerpt:

Exactly how President-elect Donald Trump intends to get rid of Cordray is unclear. Under the Dodd-Frank Act, Cordray can only be fired "for cause," and some speculate that the Trump administration is already building a case against the CFPB chief. One source with knowledge of the situation told American Banker that the Trump administration may reach out directly to Cordray to give him the opportunity to resign without being fired.

And on the subject of a possible successor, Congressman Neugebauer:

"Mr. Neugebauer is uniquely qualified to serve as CFPB Director," said J.W. Verret, an associate professor of law at George Mason University and former chief economist for the full committee. "He has an unparalleled commitment to protecting consumers and ensuring the CFPB operates more effectively and efficiently going forward."

Lots of rumors have been floating around about what the President-Elect wants to do, or will do.  Perhaps the source is pursuing his or her own agenda and hope Director Cordray will leave voluntarily and does not actually speak for Trump. 

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