WASHINGTON—CFPB Director Richard Cordray said that his work on the payday lending rule is not swayed by political considerations and that he has "no further insights to provide" regarding his resignation date from the Bureau.
Cordray was responding to a request on these matters from House Financial Services Committee Chairman Jeb Hensarling (R-TX),
As CUToday.info reported, Hensarling wrote Cordray on Monday asking about his motives behind the reported rush to finalize the CFPB's payday lending rule and his future at the Bureau. In the letter, Hensarling alleged that Cordray's rulemaking efforts are influenced by his political ambitions. It is rumored that Cordray plans to resign as director of the CFPB later this fall so that he can enter the Ohio governor's race.
Cordray responded Wednesday, Hensarling's deadline, saying that he "categorically" denies any political influence in his "decisions, orders, and communications" related to the payday lending rulemaking. He added that all "records relating to this rulemaking will be preserved in accordance with applicable law," NAFCU reported.
Hensarling also wanted Cordray's confirmation that he will serve his full term as CFPB director, or otherwise provide the date on which he will resign.
Cordray wrote that Hensarling has already asked him this same question on a couple other occasions and that "at this time, I have no further insights to provide on that subject," reported NAFCU.
NAFCU has expressed its concerns to the Bureau regarding the proposed payday lending rule. If implemented, the rule's complexity and scope could impede consumer access to credit and have a particularly negative impact on the credit union industry, as it would affect almost all covered loan products provided by many institutions, the trade association stated.