Washington, DC– Richard Cordray is stepping down as Consumer Financial Protection Bureau director before the end of the month. In response, John Taylor, President and CEO of the National Community Reinvestment Coalition, made the following statement:
“Congress, in its wisdom, saw an increasing demand to form an agency protecting individuals from the bad actions of banks and others. Richard Cordray has done a phenomenal job leading that agency against a great deal of powerful objection from industry lobbyists. Thanks to his leadership, over 27 million harmed consumers have benefitted beyond expectations, receiving over $11.7 billion in relief in the agency’s first five years. For this work, Director Cordray received NCRC’s 2017 award for most outstanding government official helping traditionally underserved people build wealth and economic opportunity at our Creating a Just Economy conference.
We must all hope now, that Congress and the President appoint somebody equal to or even better than Director Cordray. They must choose an appointee with a proven track record of commitment to protecting the interests of the people, not the industry. For the CFPB to have anybody lesser, would undermine both the spirit and intention of this agency.”