In a letter to President-elect Donald Trump, Democrats on the Financial Services Committee urged the incoming president not to remove Consumer Financial Protection Bureau (CFPB) Director Richard Cordray before the end of his term.
The Democratic lawmakers, led by Congresswoman Maxine Waters (D-CA) said that removing Cordray prior to July 2018 would be an unprecedented move.
“Any attempts to remove Director Cordray from his position are without historical precedent, and intended solely to distract the director and the bureau from its important work protecting service members, students and other borrowers from financial predation,” stated the Democratic committee members. “We caution you not to engage in partisan litigation, particularly since it is likely to be unsuccessful and will needlessly divert government resources away from other important priorities.”
They said Cordray has a record of considering the needs of small financial institutions and going after special interests when they violate the law.
To date, the CFPB has returned nearly $12 billion to more than 27 million consumers harmed by illegal, predatory financial schemes, the letter noted.
The letter was signed by Waters as well as Reps. Carolyn Maloney (D-NY), Nydia Velázquez (D-NY), Brad Sherman (D-CA), Gregory Meeks (D-NY), Michael Capuano (D-MA), William Lacy Clay, Jr. (D-MO), Stephen Lynch (D-MA), Al Green (D-TX), Emanuel Cleaver (D-MO), Gwen Moore (D-WI), Keith Ellison (D-MN), Ed Perlmutter (D-CO), James Himes (D-CT), Terri Sewell (D-AL), Bill Foster (D-IL), Dan Kildee (D-MI), John Delaney (D-MD), Joyce Beatty (D-OH), Denny Heck (D-WA), and Juan Vargas (D-CA).