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ARTICLE · 17 NOVEMBER 2017

CFPB Director Richard Cordray To Step Down

Mayer Brown
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In an email to staff, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced on Wednesday, November 15, that he will be stepping down this month.

United StatesConsumer Protection
Ori Lev
Ori Lev
Stephanie Robinson
Stephanie Robinson
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Keywords: Administrative Law, CFPB, CID, Civil Investigative Demand, Consumer Financial Protection Bureau, D.C. Circuit, Debt collection, Enforcement, RESPA, Rulemaking

In an email to staff, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced on Wednesday, November 15, that he will be stepping down this month. His departure was widely anticipated. Because the CFPB is headed by a single director – as opposed to a 5-member commission – the agency's director wields enormous power. Below we address some of the most frequently asked questions regarding Director Cordray's resignation.

Who takes over when Director Cordray steps down?

Like so much else involving the CFPB, the answer to this seemingly simple question is controversial. On the one hand, the Dodd-Frank Act provides that the agency's Deputy Director shall "serve as acting Director in the absence or unavailability of the Director." That suggests that Acting Deputy Director

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