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CFPB Director Richard Cordray Announces His Departure

November 15, 2017
Richard Cordray may best be remembered as the federal regulator who exposed the massive Wells Fargo account scandal. 


Richard Cordray, beleaguered head of the Consumer Financial Protection Bureau, will be leaving his post by the end of November. Cordray made no mention of his future plans, though many speculate that he will likely campaign to became the next governor of Ohio.


While Cordray has long been the target of a full frontal attack by Donald Trump and the Republican Party, the White House offered no comment on Cordray's departure, other than to say: "The administration will announce an acting director and the president's choice to replace Mr. Cordray at the appropriate time."


Here's the full text of Cordray's message to CFPB employees:


Dear Colleagues,


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.


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. Together we have made a real and lasting difference that has improved people's lives, notably: $12 billion in relief recovered for nearly 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. None of this could have happened without all of us being dedicated to pull together in supporting and protecting people and making every consumer count. I will always be immensely proud of you and what you have done.


At the same time, there is always more work that lies ahead. That would be true at any point, of course, and one thing I have tried to reinforce this year is that the Consumer Bureau is far more than its director. I am confident that you will continue to move forward, nurture this institution we have built together, and maintain its essential value to the American public. And I trust that new leadership will see that value also and work to preserve it – perhaps in different ways than before, but desiring, as I have done, to serve in ways that benefit and strengthen our economy and our country.


My gratitude and appreciation for what you mean to me and to our nation is deep and lasting, and I will be taking the opportunity to make that clear to you in person over the days ahead.


Thank you!