Director Cordray Stepping Down

Posted November 15, 2017

CFPB Director Richard Cordray announced this morning that he will step down from his post at the end of the month. Cordray is speculated to be considering a run for governor of Ohio, though he has not yet confirmed or denied his candidacy. The resignation leaves the CFPB facing an uncertain future, as Republicans are likely to attempt to use Cordray's departure to push for the bureau's restructuring that would replace the CFPB's lone-director system with a five-member commission populated by Republicans and Democrats.

The White House has announced that President Trump will name an acting director for the CFPB until a permanent candidate is found to replace Cordray. Former Rep. Neugebauer’s (R-TX) name was offered at the beginning of the Trump Administration as a potential candidate but has recently signaled he is no longer interested in the position. Others reported as possible contenders include:

• John Suthers – current mayor of Colorado Springs, former Colorado Attorney General
• Todd Zywicki, professor at George Mason Law School, senior scholar at George Mason’s Mercatus Center, and affiliate of the Federalist Society
• Mark Calabria, chief economist to Vice President Pence, formerly of the Cato Institute and Senate Banking Committee.

Additionally, recent rumors speculate moving former Rep. Garrett (R-NJ) from the Ex-Im Bank nomination to the CFPB might allow the White House to both please business groups opposed to Garrett’s nomination to the Ex-Im Bank and conservative groups who want to see the former lawmaker in a senior post.

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