National Consumers League

NCL statement on announced resignation of CFPB Director Richard Cordray


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November 16, 2017

Contact: Cindy Hoang (202) 207-2832, cindyh@nclnet.org   

Washington, DC—Director Richard Cordray of the Consumer Financial Protection Bureau (CFPB) announced his intention to resign by the end of the month. The following statement is attributable to NCL Executive Director Sally Greenberg: 

“Since 2012, Director Richard Cordray has served as the head of one of the most important consumer protection organizations in our country’s history. Under his leadership, the CFPB returned more than $12 billion dollars to more than 29 million consumers affected by illegal business practices. Thanks to director Cordray, the CFPB has reined in abuses by predatory debt collectors and payday lenders, put the brakes on deceptive student loan servicers, and worked to end the spread of outrageous forced arbitration clauses. 

In honor of his outstanding work, NCL recognized Director Cordray at our annual awards dinner October 25 with a Trumpeter Award for his service to consumers and the American public. From the beginning of his tenure, Director Cordray has been the epitome of an honest, transparent and hardworking civil servant. He oversaw a staff of nearly two thousand public servants, all dedicated to ensuring that consumers were given a level playing field with the financial services industry and protected from serial abusers of the public trust such as Wells Fargo. 

This announcement is a sad day for consumers, especially given the hostility shown by the majority in both houses of Congress and the Trump Administration to the Bureau’s mission of protecting consumers from predatory practices. 

President Trump now has the right to nominate a new director. NCL will remain vigilant to ensure that the President nominates another champion of consumers and the middle class, not a champion of Wall Street and big banks. The CFPB’s has made great progress in protecting consumers, but there is still much work left to be done. Rest assured, NCL will continue fighting on the front lines to ensure that the next director is up to the task.”

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About the National Consumers League

The National Consumers League, founded in 1899, is America's pioneer consumer organization. Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. For more information, visit www.nclnet.org.