Richard Cordray is looking after his campaign, not consumers

by Jeff Joseph | Feb 26, 2018

After years atop the Consumer Financial Protection Bureau, Richard Cordray is busy courting liberal donors for his Ohio gubernatorial bid.

New filings show Cordray has raised $2 million since August — the highest mark among Ohio Democrats running for the May primary election. He has managed this by courting donors who either benefitted from the regulations he introduced in Washington, D.C. or who will benefit from his election. All you have to do is follow the money.

For years, the agency picked winners and losers through a bevy of financial regulations, benefitting certain industries at the expense of others. Since its inception, the CFPB has issued well over $5 billion in penalties, punishing a wide variety of companies in the name of “consumer protection.”

 For example, Cordray’s CFPB targeted prepaid card companies that charge overdraft fees — one way to stay afloat in a competitive industry — to presumably level the playing field for consumers. When it goes into effect next year, the agency’s “prepaid card rule” will slow down the sign-up process by giving customers a 30-day waiting period before agreeing to overdraft features……..To Read More…