It would be mild to say that Wall Street and the financial industry have looked at Richard Cordray and the Consumer Financial Protection Bureau with suspicion.
The reality is that a lot of people would rather he go away. Cordray however, as Reuters reports, is fighting to change that. He’s calling/has called about 100 people from bank CEOs to trade associations and business groups.
Among those at the top of the banking food chain he has chatted up are Bank of America CEO Brian Moynihan, Citigroup CEO Vikram Pandit, JPMorgan Chase chief Jamie Dimon, US Bancorp CEO Richard Davis and PNC Financial Services Group’s James Rohr.
This shouldn’t shock anyone. Cordray has made it clear what his immediate concern is, and it’s not punishing big banks. Its, “levelling the playing field” so that non-bank financial institutions come under the same oversight that banks have come under since Dodd-Frank.
Moreover, yesterday in an interview with Bloomberg’s Trish Regan, he addressed a silent fear on Wall Street. Cordray had been known for going after not just financial institutions, but the executives at the helm of those institutions. He told Regan that he wasn’t planning on looking back, but forward.
You can watch the interview here.