Washington, D.C. – Today, Richard Cordray, Director of the Consumer Financial Protection Bureau, announced his intent to step down by the end of the month. During his tenure, the CFPB returned $12 billion to nearly 30 million consumers harmed by bad practices. The vacancy gives the opportunity to President Trump to nominate a new Director for a five-year term.

Rachel Weintraub, Legislative Director and General Counsel, made the following statement:

“Consumers across the country will be watching closely to see whether the President will choose a Director who will side with them over predatory lenders. Wall Street and the payday loan industry will pressure the President to choose someone who will put their interests first. Consumers need a watchdog who will look out for them.”

“We congratulate Richard Cordray for his dedication and passion for protecting consumers. His work has made a difference for millions.”