Mulvaney to temporarily lead consumer agency

Mulvaney to temporarily lead consumer agency

Richard Cordray, who was the first chief of the Consumer Financial Protection Bureau and an appointee of President Barack Obama, plans to leave the agency by the end of the month, he said in an email to staff.

Others are taking issue with his decision to resign, which they say hands a key Democratically held post over to Republican President Donald Trump.

Richard Cordray's announcement Wednesday that he plans to step down by the end of the month follows a tumultuous first six years for the bureau, the only federal agency exclusively dedicated to protecting Americans from harmful banking and lending practices. He has headed OMB since February 16.

Banks, mortgage companies, credit card issuers and their Republican allies in Washington have always been critical of the bureau, but their efforts to weaken its oversight of unfair, illegal or predatory practices didn't pay off until Donald Trump was in office. He was a frequent critic of Cordray's, whose exit likely paves the way for a restructuring of the CFPB and a less centralized power structure.

"Together we have made a real and lasting difference that has improved people's lives", Cordray said, noting the agency recovered $12 billion for consumers after the agency was created in the aftermath of the 2008 financial crisis.

Candidates under consideration for the full-time director's position include Todd Zwyicki from George Mason University, former congressman Randy Neubarger, former Fannie Mae general counsel Brian Brooks and Keith Noreika, acting comptroller of the current, according to a Bloomberg report.

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