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From Banking and Finance Law Daily, November 15, 2017

Cordray to step down as CFPB director

By Andrew A. Turner, J.D.

Richard Cordray will resign his post as director of the Consumer Financial Protection Bureau before the end of the month. In an email to CFPB staff announcing his departure, Cordray listed Bureau accomplishments during his tenure:

  • $12 billion in relief recovered for nearly 30 million consumers;
  • stronger safeguards against irresponsible mortgage practices;
  • handling over 1.3 million complaints; and
  • creating new ways to bring financial education to the public

Cordray was the first director of the Bureau. His term was due to expire in July 2018. Reaction to Cordray’s departure was predictable along party lines.

House Financial Services Committee Chair Jeb Hensarling (R-Texas) viewed Cordray’s resignation as an overdue opportunity for new leadership at the Bureau. Saying that "extreme overregulation" under Cordray’s leadership led to "higher costs and less access to financial products and services," Hensarling is looking forward to working with President Trump’s choice for CFPB director.

In contrast to Hensarling’s statement, Rep. Maxine Waters (D-Calif), Ranking Member of the House Financial Services Committee, praised Cordray’s leadership for overseeing "implementation of much needed rules on mortgages, prepaid cards, and payday and auto title loans, clamping down on unfair practices and ensuring that consumers are not ripped off."

Calling for appointment of a new director "with a track record of protecting consumers and holding financial firms responsible when they cheat people," Sen. Elizabeth Warren (D-Mass) commended Cordray for holding big banks accountable. "This is no place for another Trump-appointed industry hack," Warren said.

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