Thu Nov 16, 2017
WASHINGTON -- Richard Cordray plans to step down as the head of the Consumer Financial Protection Bureau, the controversial consumer watchdog created by President Barack Obama following the 2008-09 financial crisis, amid growing speculation that he will run for governor of Ohio as a Democrat.
His decision to leave at the end of the month means President Donald Trump should soon get to install his own director atop the bureau, a regulator set up to police mortgages, credit cards and other financial products.
Cordray, 58, revealed his plans to leave the agency in an email to CFPB staff on Wednesday. He did not specify in the memo what he plans to do next. Washington lobbyists and lawmakers have been predicting for months that he would resign to run for governor in his home state, according to a story by Automotive News.
“Together, we have made a real and lasting difference that has improved people’s lives,” Cordray said of the CFPB in his email. “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.”
Cordray’s resignation is yet another hit for the CFPB, whose future has been in murky waters ever since the Trump Administration got to the White House.
It also provides even more security for RV dealers and the RV industry as a whole, something RVDA President Phil Ingrassia alluded to in his state of the association address at the RVDA Convention/Expo.
“While the danger is not over, the CFPB has suffered several political and court-mandated setbacks and faces more under the current administration,” Ingrassia said. “This will mean a new direction for the agency that repeatedly pushed policies that don’t have anything to do with protecting consumers and could actually reduce their access to credit.”