Richard Cordray, the embattled head of the Consumer Financial Protection Bureau, said Wednesday he will step down before the end of the month.
Cordray had been under fire by congressional Republicans almost by the time he took over the bureau, which emanated by the Dodd-Frank reforms following the financial crisis.
He announced the resignation in an email to employees.
“As I have said many times, yet feel just as much today as I ever have, the item has been a joy of my life to hold the opportunity to serve our country as the first director of the Consumer Bureau by working alongside all of you here,” he wrote.
His departure was not unexpected. Sources earlier This particular month told CNBC which President Donald Trump was ready to sack Cordray yet was afraid of turning him into a Democratic hero.
The White House’s reaction to Cordray’s departure was reserved.
“The administration will announce an acting director along with the president’s choice to replace Mr. Cordray at the appropriate time,” Raj Shah, deputy press secretary, said in a statement.
In addition to the political fire in Washington, Cordray has long been speculated as a potential candidate for Ohio governor. He made no mention of his plans inside email.
The CFPB has been a sore spot among GOP leaders who view the bureau as the poster child for postcrisis regulatory overreach.
On the different hand, Rep. Maxine Waters (D-California) praised Cordray for “standing up to abusive financial institutions.”
“Richard Cordray is usually a true champion for American consumers. Under his outstanding leadership, the Consumer Bureau has made the financial marketplace stronger along with fairer for hardworking Americans across the country,” Waters said in a statement.
Former FDIC Chair Sheila Bair said Cordray’s biggest accomplishments will be i reshaping mortgage lending standards, stronger enforcement along that has a greater watchdog presence over big Wall Street banks.
“None of which consumer focus was genuinely present in our bank regulatory system prior to the CFPB’s creation,” Bair said on CNBC’s “Power Lunch.”
The full text of Cordray’s message to employees:
I wanted to share with each of you directly what I have told the senior leadership inside past few days, which is usually which I expect to step down by my position here before the end of the month.
As I have said many times, yet feel just as much today as I ever have, the item has been a joy of my life to hold the opportunity to serve our country as the first director of the Consumer Bureau by working alongside all of you here. Together we have made a real along with lasting difference which has much better people’s lives, notably: $12 billion in relief recovered for nearly 30 million consumers; stronger safeguards against irresponsible mortgage practices which caused the financial crisis along with hurt millions of Americans; giving people a voice by handling over 1.3 million complaints which led to problems getting fixed for vast numbers of individuals, along with creating fresh ways to bring financial education to the public in order which people can take more control over their economic lives. None of This particular could have happened without all of us being dedicated to pull together in supporting along with protecting people along with creating every consumer count. I will always be immensely proud of you along with what you have done.
At the same time, there is usually always more work which lies ahead. which would certainly be true at any point, of course, along with one thing I have tried to reinforce This particular year is usually which the Consumer Bureau is usually far more than its director. I am confident which you will continue to move forward, nurture This particular institution we have built together, along with maintain its essential value to the American public. along with I trust which fresh leadership will see which value also along with work to preserve the item – perhaps in different ways than before, yet desiring, as I have done, to serve in ways which benefit along with strengthen our economy along with our country.
My gratitude along with appreciation for what you mean to me along with to our nation is usually deep along with lasting, along with I will be taking the opportunity to make which clear to you in person over the days ahead.
—With reporting by CNBC’s Michelle Fox.