Head of Obama-era consumer watchdog steps down after years of Republican pressure

  • Richard Cordray announced he would step down as the director of the Consumer Financial Protection Bureau at the end of the month.
  • The CFPB and Cordray have come under fire from the GOP for the Bureau’s regulatory work and supposed lack of oversight.
  • Rumours have been swirling tha Cordray will run for Ohio governor in 2018.

Richard Cordray, who has helmed the Consumer Financial Protection Bureau since 2012, announced he would step down as the director of the consumer watchdog at the end of the month.

In a memo to employees, Cordray said it has been “a joy of my life” to lead the office and “there is always more work that lies ahead.”

The CFPB was created in the wake of the financial crisis by President Barack Obama’s administration to help protect consumers from financial fraud and harmful practices. The CFPB has been involved in enforcement on high-profile cases like Wells Fargo’s recent fake accounts scandal.

The bureau, as well as Cordray, has come under fire from Republicans for what they say are onerous regulations and a lack of oversight into the CFPB’s practices.

House Republicans attempted to hold Cordray in contempt of Congress in August for not responding to various inquiries and subpoenas.

Speculation ran rampant in recent months that Cordray was lining up a run for governor of Ohio as a Democrat. Many GOP lawmakers criticised Cordray for remaining as the head of the bureau if he was inclined to run.

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