CFPB Director Cordray, who sparred with GOP, to resign

NEW YORK (AP) — Richard Cordray, the aggressive first director of the Consumer Financial Protection Bureau, said today he will leave the agency by the end of the month.

Corday was a holdover from the Obama administration, appointed to his position in 2013 for a five-year term. His early resignation will give President Donald Trump a chance to appoint his own leader of the powerful agency, someone who could roll back the protections Cordray and his staff put into place in the agency's first years.

Cordray's resignation is not unexpected. The Ohio native had been widely expected to make a run for governor of his home state in 2018 as a Democrat. He could not hold his position as director of the CFPB and run at the same time.

"It has been a joy of my life to have the opportunity to serve our country as the first director of the Consumer Bureau," Cordray said in a memo addressed to agency employees. He did not give a reason for his resignation.

The CFPB as part of the laws passed following the 2008 financial crisis and subsequent recession. The agency was given a broad mandate to be a watchdog for consumers when they deal with banks, credit card, student loan and mortgage companies, as well as debt collectors and payday lenders. Nearly every American who deals with banks or a credit card company or mortgage has been impacted by new rules the agency put in place.