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CFPB Director Richard Cordray Resigns !

Wed Nov 15, 2017 ... By Thomas Ressler [e-mail]



Consumer Financial Protection Bureau Director Richard Cordray Wednesday informed agency staff that he is stepping down by the end of the month. He made no mention of his future plans, but he has been widely expected for months, if not years, to declare his candidacy for governor of Ohio.

Cordray – the only person to head the relatively young agency – was the bane of conservatives on Capitol Hill, but championed by liberal activists who saw the CFPB as sticking up for the little guy against big banks, sloppy mortgage servicers, and other alleged consumer predators.

In an email to his staff, Cordray stated: “As I have said many times, but feel just as much today as I ever have, it has been a joy of my life to have the opportunity to serve our country as the first director of the Consumer Bureau by working alongside all of you here. Together we have made a real and lasting difference that has improved people’s lives, notably: $12 billion in relief recovered for nearly 30 million consumers…”

Rep. Jeb Hensarling, R-TX, chairman of the House Financial Services Committee and a frequent CFPB critic, quickly issued a statement on Cordray’s departure, saying: “We are long overdue for new leadership at the CFPB, a rogue agency that has done more to hurt consumers than help them.”