Members of the Congressional Black Caucus (CBC) sent a letter to President Trump this week, urging him not to remove the director of the Consumer Financial Protection Bureau, Richard Cordray, before his term expires in 2018.
“Director Cordray has done nothing to give the necessary cause for his removal from office,” the CBC members wrote. “Therefore, we would strongly oppose any attempt by your Administration to remove Director Cordray before the expiration of his term on July 15, 2018 and would view such an action as an illegitimate abuse of power. Communities of color and, indeed, all consumers in America will benefit from having Director Cordray remain in his position.”
The effort was led by Rep. Cedric Richmond (D-LA), chairman of the Congressional Black Caucus, and Rep. Maxine Waters (D-CA), ranking member of the House Committee on Financial Services.
In the letter, CBC Members said Cordray has brought enforcement actions against financial service firms that overcharged or restricted access for minority borrowers. They also said he has a strong track record of eliminating patterns of discrimination and combat practices that affect employees of color.
Removing Cordray before his term ends would be unprecedented, they said.
“No President of the United States has ever removed the head of an independent agency for cause,” the letter said. “The absence of any precedent suggests that ‘for-cause removal’ is an extraordinary remedy whose use must be subjected to enhanced congressional, judicial, and public scrutiny. We are especially troubled by suggestions that your administration is seeking to twist Director Cordray’s attempts to address discrimination allegations within the CFPB as cause for removal.”