An outside adviser to U.S. President Donald Trump called on Sunday for the firing of Consumer Financial Protection Bureau director Richard Cordray.
Corey Lewandowski, Trump’s former campaign manager who still speaks regularly to the president, criticized a CFPB rule that would make it easier for consumers to sue financial companies. Currently, many consumers are required to settle disputes related to credit cards and other banking products through mandatory arbitration. “It’s my recommendation to the president of the United States to fire Richard Cordray,” Lewandowski told NBC’s “Meet the Press.”
The CFPB is the brainchild of Massachusetts Democratic Senator Elizabeth Warren. Created by the 2010 Dodd-Frank Wall Street reform law, the bureau is charged with protecting consumers from predatory lending practices that were commonplace during the financial crisis.
Under current law, the president can only fire Cordray for cause. The legal burden to show cause is high, and Cordray’s term does