Equifax Data Breach

New York Consumer Law Blog

Thursday, January 5, 2017

Will Trump Cave to Wall Street Pressure & Fire CFPB Chief in a Nixonian Saturday Night Massacre?

The people who would like to see large banks unleashed, without any meaningful regulation, want Donald Trump to fire Rich Cordray, the terrific director of the Consumer Financial Protection Bureau, or CFPB. Under the law, Trump could only remove Cordray for “inefficiency, neglect of duty, or malfeasance in office.” Banking lobbyists, who are leading the campaign to oust Cordray, say Trump would have reason to do so.

The actual reason Wall Street wants Cordray gone is pretty transparent: Under his strong leadership, the CFPB has been incredibly effective at stopping banks from cheating American consumers, and at  making them give back money when they’ve taken it illegally.

 

http://www.dailykos.com/stories/2016/12/28/1615094/-Will-Trump-Cave-to-Wall-Street-Pressure-Fire-CFPB-Chief-in-a-Nixonian-Saturday-Night-Massacre?_=2016-12-28T05:55:02.781-08:00


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