Reed Statement on CFPB Director Cordray’s Decision to Step Down

WASHINGTON, DC — U.S. Senator Jack Reed, a senior member of the Banking Committee who helped create the Consumer Financial Protection Bureau (CFPB) and its Office of Servicemember Affairs, today issued the following statement regarding Richard Cordray’s announcement he will be stepping down as Director of the CFPB:

“Richard Cordray did an admirable job as head of the CFPB. He was tough but fair and always remained independent, even when outside forces tried to apply political pressure.

“Thanks to Director Cordray’s steady leadership, the CFPB returned $12 billion in consumer relief to Americans who’d been ripped off, scammed, or wronged by financial institutions. I am especially grateful for his leadership in strengthening consumer protections for our servicemembers and their families by working collaboratively with the Department of Defense to close loopholes in the Military Lending Act that were exploited by some financial institutions to charge servicemembers unfair interest as high as 360 percent.

“In short, Director Cordray did his job.

“The question now is: will President Trump name a successor who is equally committed to standing up for consumers? Will he appoint a consumer watchdog or a financial industry lap dog?

“I urge President Trump to choose a Director with a consumer protection background who will stand up for consumers instead of standing down before unscrupulous financial institutions.”