Richard Cordray departs as CFPB chief, installs new deputy to take over
WASHINGTON _ Richard Cordray announced that Friday would be his last day as director of the Consumer Financial Protection Bureau and appointed a new deputy in hopes of keeping an ally in charge until the Senate confirms for the job a nominee from President Donald Trump.
But Trump is likely to try to install his own acting director to serve during what could be a lengthy confirmation process for a yet-to-be named nominee, setting up a potential legal fight over temporary leadership of the bureau.
Cordray wrote to Trump on Friday saying he would resign effective midnight Eastern time. The letter followed one Cordray sent Nov. 15 telling Trump that he planned to step down by the end of the month.
"I am grateful to have been able to serve my country in this capacity, and in departing I now look forward to finding further ways to continue to advocate for those who are facing economic anxiety and uncertainty in their lives," Cordray wrote to Trump on Friday, touting the accomplishments of the agency.
Speculation has swirled that Cordray, a Democrat, will run for governor of his home state of Ohio next year. The letter made no mention of his future plans and the consumer bureau said there would be no additional comment.
Republicans opposed creation of the bureau. And they have criticized Cordray's aggressive actions against banks and other financial companies.
Trump is expected to appoint a director who is more industry friendly.
_Los Angeles Times
