CFPB Director Richard Cordray passed up another chance to makehis political intentions clear on Monday.
|Speaking at an AFL-CIO Labor Day picnic in Cincinnati, Cordraydid not address one of the most—if not the most—crucial issuefacing the agency—whether Cordray will resign to run for theDemocratic nomination for governor in the Buckeye State.
|And when questioned afterward, he declined to comment on hisintentions.
|Cordray has been under increasing pressure to state whether hewill complete his term, which ends next summer. House FinancialServices Chairman Jeb Hensarling (R-Texas) and the RepublicanGovernors Association have said that Cordray may be violatingfederal law if he is running, but simply has not announced it.
|The CFPB is working on its most high profile set of rules—thosegoverning the payday lending industry. The bureau is believed to beplanning to release those final rules this month.
|At the same time, the political clock in Ohio is ticking. TheOhio Democratic party has scheduled the first in a series ofgubernatorial debates for Sept. 12.
|In his speech Monday, Cordray touted the bureau's work on behalfof victims of financial abuse. And he said the agency's work hasattempted to address economic inequality in the U.S.
|“What I have learned from my time leading the Consumer Bureau isthis: our willingness to stand up for what is right, regardless ofthe obstacles, can make a real difference,” he said, according to atext of his speech. “If we do not push back on the forces thatpress people down, we are allowing America's promises to gounfulfilled.”
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