New York Consumer Law Blog

Friday, December 8, 2017

President Trump appears poised to select a nominee — in a matter of weeks — to serve as the next director of the CFPB.

Politico reported this week that the president’s list of possible picks is now down to three alarming names: Rep. Jeb Hensarling (R-Texas), former acting Comptroller of the Currency Keith Noreika and George Mason University law professor Todd Zywicki. 

Choosing any of the three is likely to spark a confirmation fight the likes of which haven't been seen in Washington outside of a Supreme Court pick.

Cordray leaves big shoes to fill. He was one of the most effective watchdogs in Washington and was every American consumer’s best friend. He took on big banks like Wells Fargo, insisting they should not be allowed to keep their customers out of court when they defrauded millions of them by opening fake accounts no one ever asked for.

He was a much-needed thorn in the side of predatory payday lenders, which have devised a myriad of schemes to lock low-income Americans into a cycle of endless debt and triple-digit interest rates.

None of the men on Trump’s list are likely to do any of those things. 

 

 http://thehill.com/opinion/finance/363584-consumers-need-a-hero-not-a-hack-to-head-the-cfpb

 


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