Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, recently announced in an email to his employees that he is resigning by the end of November. Cordray was nominated in 2012 by President Obama and was confirmed as the first official head of the CFPB the next year.
Under Cordray’s leadership, the CFPB supervised and enforced $11.8 billion in financial relief to consumers, including monetary compensation, principle reductions and canceled debt. The CFPB also spearheaded the lawsuit against Wells Fargo last year. The bank was ultimately forced to pay $185 million in fines after secretly opening phony accounts that were not approved by current customers.
Since President Trump has taken office, the CFPB has come under fire with some Republicans in Congress who believe the agency has too much power and no oversight. However, many in the democratic party such as Elizabeth Warren see Cordray as a tireless public servant. Warren said in a statement, “he held big banks accountable,” and “he will be missed.”
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