CFPC's Cordray to Resign at End of Month

Chris Gaetano
Published Date:
Nov 16, 2017

Richard Cordray, the head of the Consumer Financial Protection Bureau, announced that he will be stepping down from his position at the end of this month, according to the Washington Post. Cordray, an Obama-era appointee, had drawn fire from Republicans for remaining in his position during the new administration, but little could be done as the law said he could only be fired for cause. Both he and the very existence of the CFPB itself, though, had long been a point of contention with the Republicans in general, who saw little need for the office, which was established in the wake of the financial crisis. Since his appointment he had clashed several times with conservatives, most recently over a measure that would have allowed consumers to sue their banks, had the move not been blocked in Congress. The issue was representative of an overall argument from Republicans that the agency was too powerful and too partisan. 

Cordray did not give any specific reasons for his departure, but the Post said the move would clear his schedule to possibly run for governor of Ohio. 

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