Consumer chief Cordray reportedly resigns, considering run for OH governor

Thursday, 16 Nov, 2017

Cordray, who campaigned for Obama in the past, has held a number of public offices in the state of OH, including attorney general, state treasurer, solicitor general, and state representative.

According to a CNN article from January 2017, two GOP Senators urged that president Trump's first acts in the White House should have included firing Cordray.

Cordray said Wednesday that he plans to resign as director at the end of the month.

Richard Cordray is reportedly stepping down as director of the Consumer Financial Protection Bureau (CFPB), effective as of the end of this month.

"The CFPB will face substantive changes in the years ahead as policymakers recalibrate the regulatory environment", said Isaac Boltansky of Compass Point Research & Trading.

The announcement was not unexpected.

The bureau said it is not issuing further comment at this time.

Richard Cordray is quitting his presidentially appointed job as director of the Consumer Financial protection Bureau, according to an email he sent staff.

The CFPB was created in the wake of the financial crisis by President Barack Obama's administration to help protect consumers from financial fraud and harmful practices. Americans deserve the opportunity to choose the checking account they want, the mortgage they want and the credit card they want. Almost every American who deals with banks or a credit card company or has a mortgage has been impacted by new rules the agency put in place. Leading candidates include Rep. Jeb Hensarling (R-TX)-the same Republican who called for Cordray's firing. With the changing of the guard, Republicans see a chance to rein in what many of them view as a "rogue" and "unchecked" agency, as well as an affront to free-market principles. It regulates the way banks and other financial companies interact with consumers, policing everything from payday loans to mortgages. He held big banks accountable.

When Trump was elected, Cordray became one of the highest political appointees to be left over from the previous administration. The bureau also passed a rule earlier this year limiting the use of short-term title and payday auto lending.

Second, there is uncertainty as to whether the phrase "absence or unavailability of the Director" covers the present situation (i.e., a vacancy created by the existing Director's resignation and permanent departure from the agency). The bureau's chief architect was Elizabeth Warren, now a US senator, who had also been considered a candidate for the post. But Warren, who was an outspoken critic of Wall Street - as she is now - never made it through Senate confirmation.

"We will continue to work with the CFPB under its new leadership to ensure consumers have access to the increasing variety of credit and financial tools they demand, with the full protections they deserve".