Richard Cordray and the Inside Scoop

Alan Kaplinsky wrote a great article titled What the D.C. Circuit decision vacating stay of EPA rule could mean for final CFPB arbitration and payday loan rules.  What is helpful is the inside scoop on Richard Cordray:

Director Cordray will leave the CFPB in the fourth quarter of this year to run for Ohio governor.

Essentially, he’s going to push the arbitration and payday rules out, but will be out of his position before they go into effect.  Essentially, he’s grandstanding on two rules that will never see the light of day b/c the new director will be appointed by President Trump and will shelve them.  This is a good strategy for Cordray, but it’s also a poor use of tax payer dollars given the situation.  It’s the equivalent of loafing it at your current job while you try to find a new one.  The problem is that he’s been loafing it for a few years now.

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