CFPB Director Richard Cordray To Resign

Consumer Financial Protection Bureau ("CFPB") Director Richard Cordray announced his resignation.

In a memo sent to CFPB colleagues, Mr. Cordray touted achievements during his tenure including (i) $12 billion in relief for consumers, (ii) stronger safeguards against certain mortgage practices, (iii) the processing of 1.3 million consumer complaints, and (iv) new financial education and literacy initiatives.

House Financial Services Committee Chair Jeb Hensarling (R-TX) expressed his view that Mr. Cordray's resignation represents an opportunity to rein in the authority of the CFPB:

"We are long overdue for new leadership at the CFPB, a rogue agency that has done more to hurt consumers than help them. . . . The extreme overregulation it imposes on our economy leads to higher costs and less access to financial products and services, particularly for Americans with lower and middle incomes."