8/29/2017

CONSUMER PROTECTIONS: “A top House Republican escalated pressure on Consumer Financial Protection Bureau Director Richard Cordray, accusing him of letting ‘personal political ambitions’ influencing its rule-making on high-interest lending.
In a letter sent Monday [8-28-17] to Mr. Cordray, House Financial Services Committee Chairman Jeb Hensarling (R., Texas), said he was concerned about the process the bureau may be employing to complete a major step to regulate the payday-loan industry.
The lawmaker, a leading congressional critic of the CFPB, cited news reports that the agency is trying to complete the rule before Mr. Cordray’s possible resignation to run for Ohio governor.
Mr. Hensarling demanded Mr. Cordray, a Democrat, state his plan for the future by a Wednesday deadline by either confirming his intention to serve out his term or disclosing the date of his intended resignation.
A spokesman confirmed the CFPB received letter and said it is under review. Mr. Cordray has declined to comment on any future plans. He is an appointee of former President Barack Obama, and his term expires in July 2018…
He also recently wrote an op-ed titled ‘Let Consumers Sue Companies’ for the New York Times on Aug. 22 to defend the arbitration rule, an unusual action for the CFPB chief.
The latest step from Mr. Hensarling comes as the financial industry expects the bureau to unveil its payday rule in the coming few weeks. The regulation, years in the making, has been fiercely fought by companies that offer payday and other high-cost nonbank consumer loans.”

-Yuka Hayashi, “Key Republican Pressures CFPB Chief Over Payday Rule,” The Wall Street Journal online, Aug. 29, 2017 12:26pm