Trump Team Signals It Will Oust CFPB’s Cordray

According to a National Mortgage News article, a top official with the incoming Trump administration said on Thursday, January 12th, that the president-elect is considering former Rep. Randy Neugebauer (R-TX) to run the Consumer Financial Protection Bureau (CFPB), the first clear sign that he intends to dismiss Richard Cordray.

Exactly how President-elect Donald Trump intends to remove Cordray is still unclear. Under the Dodd-Frank Act, Cordray can only be fired "for cause." Another source says that the Trump administration may reach out directly to Cordray to give him the opportunity to resign without being fired.

And on the subject of the possible successor, "Mr. Neugebauer is uniquely qualified to serve as CFPB Director," said J.W. Verret, an associate professor of law at George Mason University and former chief economist for the House Financial Services Committee. "He has an unparalleled commitment to protecting consumers and ensuring the CFPB operates more effectively and efficiently going forward."

On Tuesday, January 17th, top Democrats, including Sens. Chuck Schumer of New York, Sherrod Brown of Ohio and Elizabeth Warren of Massachusetts, said at a conference call that Cordray would legally challenge any attempt to remove him before his term ends in July 2018, as reported in American Banker.

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