Competitive Enterprise Institute financial policy expert John Berlau responds to news today that the controversial Director of the Consumer Financial Protection Bureau, Richard Cordray, is resigning:
“Richard Cordray’s impending resignation as Director of the Consumer Financial Protection Bureau is long overdue. The CFPB under Cordray’s tenure has failed consumers, as the bureau issued massively expensive regulations that crushed Main Street banks and credit unions. All the while, the CFPB ignored the now-infamous misdeeds at Wells Fargo, leaving it to state agencies to tackle.
“President Trump must immediately nominate and the Senate must swiftly confirm a new Director to both get rid of red tape and to go after genuine fraud and malfeasance in the financial marketplace.
“Congress should do its part to rein in CFPB abuse of power by passing a resolution of disapproval under the Congressional Review Act to nullify Director Cordray’s harmful and unjustified rule against small dollar lending.”