Richard Cordray is stepping down as head of Consumer Financial Protection Bureau

Source: Washington Post

Richard Cordray, a target of the banking industry and Republicans in Congress, announced on Wednesday that he would step down as head of the Consumer Financial Protection Bureau by the end of the month.

Cordray’s resignation gives President Trump a significant opportunity to reshape an agency that oversees a significant portion of the financial industry. It comes less than a month after the agency suffered a stunning defeat when Congress voted to block one of its most aggressive regulations allowing consumers to sue their banks.

“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,” Cordray said in a message to employees.

“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.”

Read more: https://www.washingtonpost.com/news/business/wp/2017/11/15/richard-cordray-is-stepping-down-as-head-of-consumer-financial-protection-bureau/