Nov. 15, 2017
CFPB Director Richard Cordray Stepping Down
By TLTA Staff
According to several news sources, CFBP director Richard Cordray announced today that he is stepping down from his position at 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," Cordray said in an email to CFPB employees. "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."
We will monitor this process closely to see how Cordray's departure will affect how CFPB functions going forward. TLTA has been a proponent of changing the structure so that CFPB is led by a bipartisan independent commission rather than a single director, but that would require Congressional action. TLTA will keep you updated on any proposed legislation that would change the CFPB structure and any other news regarding a replacement for Director Cordray.
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