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Cordray Concerned About Changing Mission At CFPB

WCBE 90.5FM | By Ohio Public Radio
Published February 19, 2018 at 10:00 PM EST
Ohio Public Radio

The former head of the Consumer Financial Protection Bureau says he’s concerned about the agency's directional shift.

Ohio Public Radio’s Jo Ingles reports.  

The CFPB was created in 2011, after the recession, to give consumers more protections. But former head Rich Cordray says the entire focus has changed under President Trump and the Republicans.

“There has been a shift there to say we have to look out for financial firms which includes scammers and fraudsters and abusive debt collectors and payday lenders and they have rights and interests too. Well, they’ve always been able to assert their rights.”

Cordray quit the bureau in November to run for governor, which got him some criticism from Democrats. President Trump has replaced Cordray with budget director Mick Mulvaney, a former congressman who once called for abolishment of the bureau. Many Republicans have said they think it unfairly targets banks. And President Trump has proposed large cuts in the bureau’s funding. 

 

 
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WCBE News Consumer Financial Protection BureauRich Cordray2018 Gubernatorial Race
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The Statehouse News Bureau was founded in 1980 to provide educational, comprehensive coverage of legislation, elections, issues and other activities surrounding the Statehouse to Ohio's public radio and television stations. To this day, the Bureau remains the only broadcast outlet dedicated to in-depth coverage of state government news and topics of statewide interest. The Bureau is funded througheTech Ohio, and is managed by ideastream. The reporters at the Bureau follow the concerns of the citizens and voters of Ohio, as well as the actions of the Governor, the Ohio General Assembly, the Ohio Supreme Court, and other elected officials. We strive to cover statehouse news, government issues, Ohio politics, and concerns of business, culture and the arts with balance and fairness, and work to present diverse voices and points of view from the Statehouse and throughout Ohio. The three award-winning journalists at the bureau have more than 60 combined years of radio and television experience. They can be heard on National Public Radio and are regular contributors to Morning Edition, All Things Considered and Marketplace. Every weekday, the Statehouse News Bureau produces in-depth news reports forOhio's public radio stations. Those stories are also available on this website, either on the front page or in our archives. Weekly, the Statehouse News Bureau produces a television show from our studios in the Statehouse. The State of Ohio is an unique blend of news, interviews, talk and analysis, and is broadcast on Ohio's public television stations. The Statehouse News Bureau also produces special programming throughout the year, including the Governor's annual State of the State address to the Ohio General Assembly and a five-part year-end review.
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