CFPB Director Richard Cordray to Step Down

Consumer Financial Protection Bureau Director Richard Cordray announced his intention to step down from the CFPB. Director Cordray made his announcement to CFPB staff via email earlier today. The controversial regulator did not give his agency much notice. According to his email, he plans to leave the agency in just a few weeks.

“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,” wrote Cordray, in an email quoted in multiple sources.  “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 did not announce any future plans, but, according to several sources, Cordray may be planning to run for governor in Ohio, where he previously served as State Attorney General.

The vacancy frees President Donald Trump to name and install his own choice to lead the regulatory agency. insideARM will continue to monitor this story as new details emerge.