Consumer Financial Protection Chief Cordray Says He’s Quitting, Bank Stocks Rise

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB) and a holdover from President Barack Obama’s administration, announced on Wednesday that he will be stepping down by the end of the month, which is sending some American bank stocks higher in afternoon trading.

 

“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 wrote in a message to CFPB staff.

 

Cordray, 58, has served as the agency’s chief since 2013. The CFPB was created in 2011 as part of the Dodd-Frank reforms that followed the financial crisis of 2008. Since the agency’s inception, the bureau has taken more than $12 billion of consumer relief and penalties from banks and other financial firms, including Wells Fargo & Co. (WFC) for opening millions of fake accounts. During Cordray’s tenure, the agency passed rules specifying the boundaries of safe mortgage lending while expanding the definition of which financial-product sales might be considered unfair or deceptive.

Cordray’s departure will allow President Donald Trump to reshape the leadership of the agency that regulates the way banks and other financial companies interact with consumers.

 

Leave a Comment

Powered by WishList Member - Membership Software

Scroll to Top
Malcare WordPress Security