Anticonsumer Advocates Try to Talk Trump into Firing CFPB Director Cordray

by Jeff Sovern

According to a CNBC story, Trump wants to sack consumer protection chief but is afraid of turning him into hero for the left, during the signing of the resolution to rescind the CFPB arbitration rule, a session that, as far as I know, was attended only by representatives of the financial services industry, members of majority party in Congress, and members of the Trump administration, CFPB opponents tried to talk Trump into firing CFPB director Cordray. Trump polled at least some attendees at the meeting, who were split on firing Cordray. As the headline implies, one argument voiced against firing Cordray was the fear that he would become a martyr.  The article did not indicate whether any other arguments against the firing were advanced.  Here is an excerpt:

Hensarling and Rep. Sean Duffy were said to push doggedly for Cordray to be fired, suggesting they could write letters to expedite the process. But a White House official notes the views were not unanimous, with Rep. Patrick McHenry disagreeing with his Capitol Hill colleagues.

It is interesting that even some of Cordray's critics oppose his firing.  I wish the article had reported what, if anything, the bankers had said. 


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