Richard Cordray, director of the Consumer Financial Protection Bureau, said Wednesday his team plans to soldier on in the wake of fresh calls for his firing and after an unfavorable court ruling last year.
“We have a job to do. In my view, it’s a law enforcement job,” Mr. Cordray said on MSNBC’s “Morning Joe.” “We’re trying to hold companies accountable for abusing or mistreating consumers.”
The CFPB was set up as part of the Obama administration’s financial regulatory push. But Republicans have questioned its constitutionality and say it delegates too much authority to an unelected official in Mr. Cordray.
A federal appeals court also ruled last year the the organization’s structure is unconstitutional. The court said the agency could continue to operate, but that the president could fire the director at will instead of for cause.
“We do have a case that’s pending in the courts. I don’t want to speculate about it because it’s in the courts’ hands and the courts will make their best judgment about it and then we’ll all abide by it,” Mr. Cordray said.
“But in the meantime, there is a job to do. We’re supposed to make sure the law is being enforced, that big companies are held accountable when they take advantage of consumers,” he said.
“We’ve gotten money back for over 29 million consumers across this country — old and young, rural and urban, rich and poor, and we’ll continue to try to do that work to the best of our ability,” he said.
Sen. Ben Sasse, Nebraska Republican, is among those in the GOP who say Mr. Cordray needs to go.
“Other than the president, Richard Cordray, the head of the Consumer Financial Protection Bureau (CFPB), has more power than just about anyone in Washington. That’s not just a problem, it’s a threat to government of, by and for the people,” Mr. Sasse wrote in a piece for USA Today this week.
President Trump has also said he plans to “do a big number” on the Dodd-Frank financial regulatory bill that helped set up the CFPB.
• David Sherfinski can be reached at dsherfinski@washingtontimes.com.
Please read our comment policy before commenting.