CFPB Director Richard Cordray Resigns

Investor Update
November 15, 2017

Makes no mention of future plans

The speculation is finally over.

Consumer Financial Protection Bureau Director Richard Cordray announced in an email to the bureau’s staff that he will be stepping down from his position before the end of the month.

Cordray's term was set to expire next year, but rather than waiting it out (or being fired by President Donald Trump), Cordray is leaving on his own terms.

“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,” Cordray wrote.

In his letter, he lists the accomplishments he says made a "real and lasting difference" during his time at the CFPB:

  • $12 billion in relief recovered for nearly 30 million consumers
  • Stronger safeguards against irresponsible mortgage practices that caused the financial crisis and hurt millions of Americans
  • Giving people a voice by handling over 1.3 million complaints that led to problems getting fixed for vast numbers of individuals
  • Creating new ways to bring financial education to the public so that people can take more control over their economic lives

“None of this could have happened without all of us being dedicated to pull together in supporting and protecting people and making every consumer count,” Cordray said. “I will always be immensely proud of you and what you have done.”

This decision comes after months of speculation over Cordray’s future at the CFPB. Most recently, President Donald Trump openly discussed firing Cordray with members of Congress while signing the resolution to repeal the CFPB’s controversial arbitration rule.

Cordray has long been rumored to be exploring a bid for Ohio governor after the bureau published its much-anticipated final payday lending rule, however he has yet to announce anything regarding his future. His letter to CFPB staff did not mention any future plans.

However, sources told HousingWire Wednesday they speculate Cordray will announce a run for Ohio governor in the next few weeks.

Cordray encouraged his staff that more work still lies ahead for them at the CFPB.

“There is always more work that lies ahead,” he said. “That would be true at any point, of course, and one thing I have tried to reinforce this year is that the Consumer Bureau is far more than its director.”

“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 continued. “And I trust that new leadership will see that value also and work to preserve it – perhaps in different ways that before, but desiring, as I have done, to serve in ways that benefit and strengthen our economy and our country.”

Source: HousingWire

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