CFPB’s Cordray Resigns; Agency Future Uncertain

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Posted To: MND NewsWire

Richard Cordray, first Director of the Consumer Financial Protection Bureau (CFPB), will leave the agency at the end of the month. Cordray announced his resignation on Wednesday in a letter to CFPB employees. It has long been rumored that he intends to run for governor of Ohio. Cordray served as acting director for an extended period after the agency was created as Republicans in the Senate announced they would block his confirmation or that of any other nominee to the position. His appointment was only made official after Senate Democrats reversed a long-standing rule allowing a 51-vote majority for confirmation. Bloomberg News says the White House had already begun a search for Cordray’s successor (there had been widespread discussion that the President was looking for a way to remove Cordray…(read more)

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