Cordray Remains Mum About Political Plans in Ohio Speech
CFPB Director Richard Cordray passed up another chance to make his political intentions clear on Monday.
Speaking at an AFL-CIO Labor Day picnic in Cincinnati, Cordray did not address one of the most—if not the most—crucial issue facing the agency—whether Cordray will resign to run for the Democratic nomination for governor in the Buckeye State.
And when questioned afterward, he declined to comment on his intentions.
Cordray has been under increasing pressure to state whether he will complete his term, which ends next summer. House Financial Services Chairman Jeb Hensarling (R-Texas) and the Republican Governors Association have said that Cordray may be violating federal law if he is running, but simply has not announced it.
The CFPB is working on its most high profile set of rules—those governing the payday lending industry. The bureau is believed to be planning to release those final rules this month.
At the same time, the political clock in Ohio is ticking. The Ohio Democratic party has scheduled the first in a series of gubernatorial debates for Sept. 12.
In his speech Monday, Cordray touted the bureau’s work on behalf of victims of financial abuse. And he said the agency’s work has attempted to address economic inequality in the U.S.
“What I have learned from my time leading the Consumer Bureau is this: our willingness to stand up for what is right, regardless of the obstacles, can make a real difference,” he said, according to a text of his speech. “If we do not push back on the forces that press people down, we are allowing America’s promises to go unfulfilled.”