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Hensarling: CFPB director speeding through rules to fuel political ambitions

Joe Mont | August 30, 2017

Jeb Hensarling, the Texas Republican who heads the House Financial Services Committee, continues launch direct attacks on Richard Cordray, director of the Consumer Financial Protection Bureau.

“I am writing to express concern regarding several recent news reports about the process being employed to finalize the Bureau’s rule entitled ‘Payday, Vehicle Title, and Certain High-Cost loans,’” Hensarling wrote in an Aug. 28 letter to Cordray.

Hensarling cited recent media reports suggesting, according to sources, that Cordray and the CFPB are “moving quickly” to release the rule regulating payday lenders by the fall, in a final push before he departs the agency. There was also a report that Cordray is “personally involved in the rulemaking process, going so far as to set up a conference room” near his office “that is serving as a war room in the final push to finish the payday rule.”

Yet another article, referencing rumors that Cordray will run for governor in Ohio,... To get the full story, subscribe now.