Trump likely to change watchdog agency as Cordray leaves

Associated Press

NEW YORK

Richard Cordray, the aggressive first director of the Consumer Financial Protection Bureau, plans to leave the agency by the end of the month, giving President Donald Trump a chance to appoint a replacement likely to be friendlier to the financial industry.

Cordray was a holdover from the Obama administration, appointed to his position in 2013 for a five-year term. Under his leadership, the CFPB implemented or proposed myriad new rules and regulations for the banking industry.

The announcement was not unexpected. It was widely believed the Ohio native plans to make a run next year for governor of his home state, where he was previously the state’s attorney general. Cordray declined to comment on his political future when reached Wednesday by The Associated Press.

A White House spokesman said Trump will choose a successor for Cordray “at the appropriate time.”