Director Cordray, responding today to a letter from Rep. Jeb Hensarling who chairs the House Financial Services Committee, stated that “I have no further insights to provide” on whether he intends to serve his full term as CFPB Director.
As we reported earlier today, it now appears that Director Cordray will not resign before Labor Day and intends to remain as Director until at least a date in September. However, because it is widely believed that Director Cordray still intends to resign to run for Ohio Governor and there is conjecture that the ultimate timing of his departure will turn on when a final payday loan rule issued, Mr. Hensarling sent a letter to Director Cordray asking him to confirm that he intends to serve his full term as Director or to provide the earlier date on which he intends to resign. Mr. Hensarling also asked Director Cordray for his categorical denial that political considerations have informed any aspect of his actions relating to the payday loan rulemaking.
In addition to providing the categorical denial requested by Mr. Hensarling, Director Cordray indicated in his response that he had been asked before whether he intends to serve his full term and his “answer remains the same.” The issue of Director Cordray’s departure plans was raised by Mr. Hensarling and several other members of the House Financial Services Committee during Director Cordray’s last appearance before the Committee on April 5, 2017. Indeed, when asked by Rep. Zeldin whether he intended to serve the remainder of his term, Director Cordray also responded by saying that he had “no insights to provide.”