Cordray resigns as Consumer Financial Protection Bureau chief - KWWL - Eastern Iowa Breaking News, Weather, Closings

Cordray resigns as Consumer Financial Protection Bureau chief

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(Jacquelyn Martin / Associated Press) (Jacquelyn Martin / Associated Press)

Richard Cordray announced to his staff Wednesday via email that he will step down before the end of the month as director of the Consumer Financial Protection Bureau.

Appointed by President Obama, Cordray is the first director of the CFPB.  The bureau was established as part of the Dodd-Frank financial overhaul law.  He was confirmed by the Senate in July 2013 to a five-year term.

It's expected that Cordray's resignation comes right before he will throw his name into the Ohio Governor's race.  But, in the email, Cordray, a Democrat, made no comment on whether he will or will not run for Ohio Governor.  Cordray is from Ohio and has served in various positions in the state, including State Treasurer and Attorney General. 

Once Cordray departs the position, President Trump will nominate a replacement.

"The administration will announce an acting director and the president's choice to replace Mr. Cordray at the appropriate time," Raj Shah, deputy press secretary, said in a statement.

The nomination must be confirmed by the Senate.

Cordray's full statement to his staff in an email sent Wednesday:

Dear Colleagues,

I wanted to share with each of you directly what I have told the senior leadership in the past few days, which is that I expect to step down from my position here before the end of the month.

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; 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, and 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. I will always be immensely proud of you and what you have done.

At the same time, there is always more work that lies ahead. 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. And I trust that new leadership will see that value also and work to preserve it – perhaps in different ways than before, but desiring, as I have done, to serve in ways that benefit and strengthen our economy and our country.

My gratitude and appreciation for what you mean to me and to our nation is deep and lasting, and I will be taking the opportunity to make that clear to you in person over the days ahead.

Thank you!

RC

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