Cordray to resign from United States consumer agency Friday, names replacement

Cornelia Mascio
Novembre 25, 2017

Richard Cordray has sent his resignation as director of the Consumer Financial Protection Bureau to President Trump. "Director Mulvaney will serve as Acting Director until a permanent director is nominated and confirmed". "I don't like the fact that CFPB exists, I will be perfectly honest with you", then-Congressman Mulvaney said about the financial regulator created by the 2010 Dodd-Frank Act. Elizabeth Warren, but Republicans have criticized the agency for being a regulatory overburden.

The six-year-old bureau has policed consumer financial markets, drafting aggressive rules curbing products like payday loans, while issuing multimillion dollar fines against large financial institutions like Wells Fargo. Republicans call it a "rogue" agency with a leader that wields too much power that goes unchecked.

The succession plan has never been tested, with Cordray as its first and only full-time director. Since Cordray announced he planned to resign on November 15, the White House has been clear that it would name someone to serve on an acting basis while it sough a permanent nominee. In a statement to staff, he said that Leandra English, the CFPB's chief of staff, had been named deputy director and would take over as acting director of the agency upon his exit. The move was seen as an effort to block Mr. Trump from appointing his own acting director.

There are competing theories in Washington as to who can name Cordray's replacement.

Some lawyers argue that the CFPB's deputy director takes over when the director leaves.

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