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CFPB, Cordray, Win Second Chance to Avoid a Trump Firing

  • U.S. appeals court to rehear challenge to bureau’s power
  • Previous panel ruling stripped director of job security
Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), speaks during a Senate Banking Committee hearing in Washington on April 7, 2016.

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), speaks during a Senate Banking Committee hearing in Washington on April 7, 2016.

Photographer: Andrew Harrer/Bloomberg
Andrew Harris and Elizabeth Dexheimer
Corrected

The Consumer Financial Protection Bureau and embattled director Richard Cordray won a second chance to defend his independence from the political pressure of being fired at any time for any, or no, reason by President Donald Trump.

A U.S. appeals court in Washington on Thursday granted the CFPB’s request to reconsider an October decision that stripped Cordray of his job protection, which left him at the mercy of Trump and a pro-business Republican-led Congress looking to rescind financial regulations put in place by the Obama administration after the 2008 fiscal crisis.