It’s official! CFPB Director Richard Cordray has bee scratched! He’s out of the race. Pray for Cordray? Not a chance!
It’s highly speculative at this juncture, but now that Richard Cordray has been scratched, he’ll likely run for governor of Ohio. Richard Cordray is expected to resign primarily because of his poor showing at Del Mar, Calif.
This is good news for BORROWERS! Richard Cordray’s resignation would guarantee consumers in all economic straits continued access to a wide spectrum of financial products rather than the few Cordray and “Big Brother” intend to shove down their throats!
Payday lenders, installment lenders, car title loan lenders and and line-of-credit lenders will likely be dancing in the streets as well. [Here’s a list of software, bond, call centers, credit reporting vendors and more…]
On the other hand, banks and credit unions will NOT be happy! Why? Because the majority of their profits today are derived from their 1400% APR non-sufficient funds fees literally siphoned out of their customer’s bank accounts.
So, CFPB Director Richard Cordray to resign? Running for governor of Ohio? Depending on the timing, this could have serious consequences on consumer credit issues.