Trump and Cordray: Five Scenarios for the CFPB

Here are five potential scenarios on what might happen to CFPB director Richard Cordray once the new president arrives.

One: Bigger Fish Prevail

Competing priorities may push back any big decisions about the CFPB or its director, even if the new administration ultimately plans an all-out assault on the agency, several sources predict.

Two: Congress Moots Controversy

Congress could moot the removal question entirely by changing the CFPB’s leadership structure.

Three: Trump Dismisses Cordray

Trump could dismiss Cordray ahead of the CFPB’s director’s statutory end-of-term in July 2018, and perhaps even as early as Jan. 20.

Four: Cordray Quits

Cordray could opt to leave on his own, either when his term ends in July 2018 — or sooner.

That’s the endgame preferred by Mike Crapo (R-Idaho), the new chairman of the Senate Banking Committee.

Five: Common Ground

It’s also possible that Trump and Cordray may yet find common ground. Although much of the prognosticating has assumed that Trump and Cordray will be at odds, there’s little in the way of hard evidence so far, at least in terms of public pronouncements.