Removing Barriers Blog

CUNA Looks Forward to ‘New Era’ at CFPB after Cordray Resignation Later this Month
Posted November 15, 2017 by Chandler Schuette

Consumer Financial Protection Bureau Director Richard Cordray announced to Bureau staff today that he will step down from the agency by the end of the month after serving since 2013.  

We greatly appreciate that throughout his time as Director, Richard Cordray on multiple occasions publicly recognized the exceptional work of credit unions in protecting consumers. CUNA looks forward to a new era at the CFPB that will hopefully reconcile this recognition that credit unions are the pro-consumer protection financial institutions, with rules that always reflect that sentiment.  

Moving forward, CUNA will urge the CFPB’s new leadership to address the problems that pending and final rules have caused credit unions and their 110 million members, and move towards a new approach that recognizes the exceptional consumer protections credit unions provide, while continuing to address abusers of consumers. 

CUNA has previously outlined changes the CFPB should be making moving forward to relieve regulatory burdens on credit unions and to ensure they can continue to offer safe and affordable products and services. CUNA has a plan in place for engagement with new CFPB leadership and has been preparing to represent credit union concerns in this new era at the CFPB. 

Since this is the first CFPB Director to ever step down, it is not clear exactly what the protocol will be for replacing him. Under the Dodd-Frank Act, Cordray could tap David Silberman the current Acting Deputy Director to serve as Director in his stead. The Trump Administration will also likely be announcing a plan for replacing the Director either through a nomination or by moving someone who has already been confirmed by the Senate to the Bureau. 

CUNA will continue to update members about any actions taken which change the leadership at the CFPB.