News Express: Richard Cordray to Resign as CFPB Director
Wednesday, November 15, 2017
November 15, 2017
Richard Cordray, the director of the Consumer Financial Protection Bureau (CFPB), announced Wednesday that he will leave the agency by the end of November.
"I am confident that you will continue to move forward, nurture this institution we have built together, and maintain its essential value to the American public," Cordray wrote in an email to the agency's staff.
Mr. Cordray, who was widely expected to step down early to run for governor in Ohio, earned many critics in industry and Congress during the course of his tenure as director of the watchdog agency.
The bureau, created six years ago in the aftermath of the financial crisis, has unusually broad power to uncover and curb abuses in a wide range of financial products, including mortgages, credit cards, bank accounts and student loans.
Whom will follow in Cordray’s footsteps is not yet clear, though his departure is certain to rekindle discussions on re-shaping the bureau’s leadership structure from an individual directorship to an independent commission.