World News

CFPB's Cordray to Step Down, Allowing Trump to Remake Watchdog

CFPB's Cordray to Step Down, Allowing Trump to Remake Watchdog

Prominent Republican Party members, including President Donald Trump, say the agency overreaches its authority and should be more accountable to lawmakers and voters.

Consumer Financial Protection Bureau Director Richard Cordray sent an email to staff Wednesday announcing that he is departing the bureau.

Cordray has been a boogieman of the financial services for years thanks to his zealous pursuit of enforcement actions.

Cordray was confirmed as head of the agency in 2013, almost two years after he was nominated by President Barack Obama.

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

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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.

Cordray has been mulling a run for governor of OH where he once served as attorney general.

In a memo to employees, Cordray said it has been "a joy of my life" to lead the office and "there is always more work that lies ahead". A Trump appointee could roll back the protections Cordray and his staff put into place in the agency's first years.

"Those include "$12 billion in relief recovered for almost 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".

Speculation that Cordray might run for governor in OH was stoked by a speech he gave in September before the state AFL-CIO labor federation, attended by several political figures.


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