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CFPB Director to Step Down at the End of the Month

Thu, Nov 16, 2017

CFPB Director Richard Cordray announced on Wednesday that he’s stepping down at the end of the month. There has been speculation for months that Cordray would resign to run for governor of Ohio as a Democrat.

Credit unions have been critical of the CFPB for issuing regulations that did not differentiate between big banks that were the cause of the financial crisis and credit unions, which did not cause the crisis.

President Trump is expected to designate an interim CFPB Director and then choose a nominee that will have to be confirmed by the Senate.

“We look forward to the CFPB moving in a new direction,” said John Bratsakis, president/CEO, MD|DC Credit Union Association. “Under new leadership, we are hopeful that the bureau will recognize the unique role credit unions play in providing financial services to consumers, and move to protect credit unions from one-size-fits-all regulations.”