Richard Cordray is stepping down as the director of the Consumer Financial Protection Bureau after spending more than five years building up the Obama-era agency from scratch and fostering it into a powerful regulator.
Cordray, announcing his plans to CFPB staff Wednesday, said he expects to leave before the end of the month. His five-year term was set to expire in July 2018.
“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, who’s led the agency since 2012, said.
“Together we have made a real and lasting difference that has improved people’s lives, notably: $12 billion in relief recovered for nearly 30 million consumers; stronger safeguards against irresponsible mortgage practices that caused the financial crisis and hurt millions of Americans; giving people a voice by handling over 1.3 million complaints that led to problems getting fixed for vast numbers of individuals, and creating new ways to bring financial education to the public so that people can take more control over their economic lives,” Cordray said.
Cordray continued: “None of this could have happened without all of us being dedicated to pull together in supporting and protecting people and making every consumer count. I will always be immensely proud of you and what you have done.”