WASHINGTON–President Donald Trump told a group of community bankers that he is moving cautiously when it comes to potentially firing CFPB Director Richard Cordray, saying the move would create political backlash.
In a closed door meeting with the bankers, Trump did not reveal “any plans he has for the agency or its director, Richard Cordray, (but) acknowledged that there are risks in revamping a regulator setup to protect consumers from abusive lending,” according to Bloomberg, which based its report on reports from people in attendance at the meeting.
According to Bloomberg, “Trump and White House advisers who were at Thursday’s meeting laid out a number of strategies they could pursue to revamp the CFPB. During the discussion, advisers informed Trump that Cordray’s term doesn’t end until July 2018, which seemed to surprise the president, according to the people at the meeting.
The other issue, noted Bloomberg, is there remains plenty of debate in Washington over how easy it would be for the president to remove Cordray.
Meanwhile, as CUToday.info reported here, a lawsuit over the CFPB’s management structure continues to wind its way through the courts.