Cordray to Step Down from CFPB By End of Month

In a long-anticipated move, Richard Cordray will resign as director of the Consumer Financial Protection Bureau by the end of the month, he said in an email to CFPB staff today.

“While we haven’t always agreed with Director Corday on issues, we have always shared his goal of wanting to help consumers and appreciated his willingness to engage with us,” said American Bankers Association President and CEO Rob Nichols. “Consumers are our customers, and nothing is more important to America’s banks than maintaining their trust and confidence. 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.”

As he did when Comptroller of the Currency Thomas Curry’s term ended this spring, President Trump will name an acting director to serve until a new CFPB director is confirmed. “The administration will announce an acting director and the president’s choice to replace Mr. Cordray at the appropriate time,” said a White House spokesman.

Nichols reiterated ABA’s longstanding support for having the bureau led by a five-member bipartisan commission, which he said would “increase accountability . . . provide continuity across administrations and broaden the CFPB’s perspective on regulation that must carefully balance consumer protection against access to credit.”